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Why Is ChargePoint (CHPT) Stock Down 32% Today?

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  • ChargePoint (CHPT) stock is falling on Friday after releasing preliminary Q3 data.
  • The EV charging company’s revenue is set to disappoint investors.
  • It also plans to update guidance for the fiscal year when its earnings report comes out on Dec. 6.
CHPT Stock - Why Is ChargePoint (CHPT) Stock Down 32% Today?

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ChargePoint (NYSE:CHPT) stock is sliding lower on Friday after the electric vehicle (EV) charging company released preliminary earnings data for the third quarter.

The bad news for CHPT stock comes from its preliminary revenue estimate of $108 million to $113 million. That would see it easily miss Wall Street’s expectation of $157.35 million in revenue for the quarter. Additionally, this is a drop from its prior guidance of $150 million to $165 million.

Rick Wilmer, the new president and CEO of CharegPoint, said the following about this lackluster revenue estimate:

“Our core markets of North America and Europe both came under pressure late in the third quarter, with revenue falling far short of expectations. Overall macroeconomic conditions, along with fleet and commercial vehicle delivery delays impacted anticipated deployments with government, auto dealership and workplace customers.”

What’s Next for CHPT Stock?

Investors will want to keep an eye on ChargePoint as it expects to release its full earnings report for Q3 on Dec. 6. That will provide traders with a better insight into the company’s fiscal state. It’s also worth mentioning that ChargePoint intends to update Q4 and fiscal 2024 guidance during that report.

CHPT stock is down 31.7% as of Friday morning, with some 4.5 million shares traded. For comparison, the company’s daily average trading volume is about 15 million shares.

Investors who are looking for more of the most recent stock market stories 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.


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