By Connor Hart
Shares of ChargePoint jumped after the company narrowed its net loss and posted higher-than-expected revenue in its fiscal third quarter.
The stock rose 20% to $1.47 in midday trading Thursday. Shares are down 38% since the beginning of the year.
The electric vehicle-charging company after the bell on Wednesday said its net loss narrowed to $77.6 million for its three months ended Oct. 31, compared with a loss of $158.2 million a year earlier.
On a per-share basis it reported a loss of 18 cents, compared with a loss of 43 cents last year. Analysts were expecting a loss of 17 cents a share, according to FactSet.
Revenue fell 10% to $99.6 million but came in ahead of the $89.8 million that analysts polled by FactSet expected.
Chief Executive Rick Wilmer said the company is encouraged by recent EV-sales trends that are driving the need for more charging infrastructure.
For its fourth quarter, ChargePoint guided for revenue between $95 million and $105 million, in line with analyst expectations for $101.9 million.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
December 05, 2024 12:13 ET (17:13 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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