Shares of ChargePoint Holdings (NYSE:CHPT) slid heavily in after-hours trading after the company reported earnings for its first quarter of Fiscal Year 2024. Earnings per share came in at -$0.23, which was below analysts’ consensus estimate of -$0.20. Sales increased by 59.3% year-over-year, with revenue hitting $130.03 million. This beats analysts’ expectations of $128.36 million.
ChargePoint Holdings noted that its revenue on networked charging systems reached $98.3 million in the first quarter, which was an improvement of 65% against the same time the previous year. Further, subscription revenue added similarly sparkling results, adding 49% to reach $26.4 million.
Management at ChargePoint also offered some guidance. Currently, management expects second-quarter revenue between $148 million and $158 million. That’s down significantly against consensus estimates, which looked for $166.96.
Overall, Wall Street has a consensus price target of $15.22 on ChargePoint Holdings, implying 56.1% upside potential, as indicated by the graphic above.