ChargePoint reported a quarterly loss of $35.6 million, or $1.35 a share, a significant improvement over the $66.2 million loss recorded during the same period last year. Revenue climbed to $116.1 million, comfortably beating the $105.2 million consensus estimate from FactSet analysts, who had projected a deeper loss of $1.57 per share.
In section Market Quotes
ChargePoint Shares Rally After Second-Quarter Loss Shrinks
Investors pushed ChargePoint Holdings shares up 18% in premarket trading Thursday, responding to a fiscal second-quarter report that outpaced analyst expectations. The company cut its losses nearly in half and delivered revenue growth that defied the downward trend plaguing the stock throughout the current year.
Despite this positive momentum, the company faces a year-to-date decline of 22% in its share price. Looking ahead to the third quarter, ChargePoint provided revenue guidance ranging from $105 million to $115 million, centering near the $109.3 million target expected by market observers.
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