ChargePoint falls after downbeat Q1 revenue forecast

ChargePoint Holdings

06/03/2024 12:16

** Shares of electric vehicle charger maker ChargePoint
Holdings  CHPT.N  fall 5% to $1.90 premarket
    ** CHPT reports Q4 revenue of $115.8 mln, down 24% from a
year earlier
    ** Analysts on avg expected revenue of $118.8 mln - LSEG
    ** Q4 net loss widened to $94.7 mln from $78.7 mln, a year
earlier
        ** Co forecast revenue of $100 mln to $110 mln in
quarter ending April 30 vs estimate of $120.69 mln
    ** "While we continue to expect ChargePoint to improve
margins and profitability over time, aided by its asset-light
model and focus on software and services, we expect competition
(and slower EV industry growth in the near term) to be a
headwind " - Goldman Sachs
    ** Up to last close, stock had fallen 14.5% YTD

 (Reporting by Akash Sriram in Bengaluru)
 ((Akash.Sriram@thomsonreuters.com; https://twitter.com/hoodieonveshti;))