Chargepoint Holdings Inc. disclosed Wednesday that its car-charging stations had produced better sales than expected in the second quarter, and executives increased their sales target for the year, sending shares more than 13% higher in after-hours trading.
Chargepoint reported a second-quarter loss of $84.9 million, or 29 cents a share, after reporting a loss of $35.3 million a year ago. Sales increased to $56.1 million from $35 million a year prior, with more than $40 million credited to its networked charging systems.
Analysts on average expected a loss of 13 cents a share on sales of $49.1 million, according to FactSet. After closing with a 0.4% gain at $21.23, shares jumped to more than $23.50 in the extended session following Wednesday’s report.
With the sales beat, executives increased their annual guidance to sales of $225 million to $235 million, after previously stating a target of $195 million to $205 million. For the third quarter, the forecast calls for revenue of $60 million to $65 million. Analysts on average were expecting third-quarter sales of $54.7 million and annual revenue of $207.5 million.
Submitted September 02, 2021 at 09:00AM by KingTimKap https://ift.tt/3t6VJ10
