Chargepoint (NYSE:CHPT) stock is soaring higher on Thursday following the release of the company’s earnings report for the second quarter of fiscal 2022.
Let’s dive into that earnings report below to see why investors are pleased with CHPT stock today!
- Strong revenue of $56.12 million is pushing CHPT stock forward this morning.
- That’s thanks to its coming in well above Wall Street’s estimate of $49.06 million.
- It’s also a 61% increase from the $35 million in revenue reported during the same time last year.
- That revenue is sending CHPT higher despite its losses per share of 29 cents.
- This wasn’t able to match analysts’ estimate of -13 cents per share.
- However, it is a major improvement over the company’s losses per share of $6.97 from the same period of the year prior.
- Another highlight for CHPT stock comes from its guidance for the third quarter of fiscal 2022.
- This has it expecting revenue between $60 million and $65 million.
- That’s above Wall Street’s revenue estimate of $54.65 million even at the low end.
- Chargepoint also increased its fiscal 2022 revenue guidance from a range of $195 million to $205 million to between $225 million and $235 million.
- Yet again, this would easily have the company beating out analysts’ estimates of $206.56 million for the fiscal year.
Pasquale Romano, president and CEO of Chargepoint, said this in the earnings report boosting CHPT stock today.
“We achieved record revenue, significantly grew our commercial, fleet and residential businesses, launched a charging integration with Mercedes, announced our agreement to acquire e-mobility technology provider has·to·be and acquired eBus and commercial vehicle management provider ViriCiti.”
CHPT stock was up 8.7% as of Thursday morning but is still down 37.3% since the start of the year.
Investors looking for more hot stock market news will want to stick around.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.