Market News

ChargePoint Down As Losses Widen in Q3

ChargePoint Holdings (NYSE: CHPT) trended lower in pre-market trading on Friday as the electric vehicle charging network’s losses widened in Q3.

Net loss widened to $0.25 per share in Q3 versus $0.21 in the same quarter last year and exceeded Street estimates of a loss of $0.2.

The EV charging network posted revenues of $125.3 million, soaring 93% year-over-year but still falling short of analysts’ estimates of $6.8 million.

Analysts are cautiously optimistic about the stock with a Moderate Buy consensus rating based on two Buys and one Hold.

In Q4, CHPT forecasted revenue in the range of $160 million to $170 million while for FY23, revenue is anticipated to be between $475 million and $485 million.

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