ChargePoint Holdings, Inc. (CHPT) came out with a quarterly loss of $0.10 per share versus the Zacks Consensus Estimate of a loss of $0.08. This compares to loss of $0.24 per share a year ago.
ChargePoint will cut its workforce by about 15%, or 250 jobs, in a reorganization of its operations.
The Zacks Consensus Estimate for CHPT's fiscal second-quarter loss per share and revenues is pegged at 8 cents and $114.15 million, respectively.
ChargePoint operates the largest EV charging system network in the U.S. However, it faces fierce competition from Tesla, which has more fast-charging ports. The company has struggled due to slow EV demand and continues to hemorrhage cash.
Electric Vehicle (EV) stocks have largely diverged this year, with Blink Charging (BLNK) and ChargePoint (CHPT) falling by over 46% and 20.5% this year while EVGo (EVGO) has risen by more than 25%.
ChargePoint Holdings, Inc. CHPT shares are trading lower today. J.P.Morgan analyst Bill Peterson outlined key expectations for the company, including guidance and industry trends, ahead of the company's second-quarter earnings release on September 4th.
CHPT collaborates with Daimler Buses to integrate its telematics and charge management systems with Mercedes-Benz and Setra buses.
In the latest trading session, ChargePoint Holdings, Inc. (CHPT) closed at $1.79, marking no change from the previous day.
The markets went through a phase where it was easy to make money. With macroeconomic and geopolitical headwinds, we are now in a phase where stringent stock screening is needed.
The EV charging business isn't what investors thought it would be.
The recent carry trade scare sent Japanese stocks into a tailspin, and the contagion spread to other markets faster than a juicy rumor in a high school cafeteria. Even stocks that were already in correction mode got hammered even harder.
ChargePoint Holdings (NYSE: CHPT ) is back in the green today on important news. After a volatile month, the electric vehicle ( EV ) charging company has reported a key catalyst that could revolutionize EV infrastructure.