: ChargePoint’s stock slumps on escalating quarterly loss
ChargePoint Holdings Inc.’s CHPT stock plunged 11% in extended trading Wednesday after the company reported a deepening loss. ChargePoint reported a fiscal second-quarter net loss of $125.3 million, or 35 cents a share, compared with a net loss of $92.7 million, or 28 cents a share, in the year-ago quarter. Adjusted earnings were a loss of 24 cents a share. Revenue did climb 39% to $150.5 million from $108.3 million a year ago. Analysts surveyed by FactSet had expected on average a net loss of 13 cents a share on revenue of $153.2 million. Shares of ChargePoint have slumped 26% this year, while the broader S&P 500 index SPX has increased 16%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.