ChargePoint stock slides nearly 20% on earnings miss, weak revenue guide
ChargePoint Holdings (NYSE:CHPT) shares powered down after the bell on Thursday after the company’s Q4 earnings missed on top and bottom line expectations.
A GAAP per share loss of $0.23 for the quarter was one cent wider than anticipated. Meanwhile, $152.82M in revenue missed consensus estimates by $11.71M. Gross margin at 22% was flat as compared to the prior year quarter.
“ChargePoint delivered its largest sequential revenue growth to date and another record quarter, although below our guidance range as supply challenges for our DC solutions and quarter end shipment challenges at this growth rate persisted,” CEO Pasquale Romano commented. “We continued to extend our technology and market leadership position across North America and Europe this year while driving 94% year-over-year growth and delivering improving gross margin and better operating expense leverage as we progress toward profitability.”
For the first quarter of fiscal year 2024 ended April 30, the California-based company expects revenue of $122M to $132M. That fguide came in well below the consensus forecast at $152.6M.
Shares of ChargePoint (CHPT) plunged 17.9% shortly after the print.
Dig into the details of the print.