EVgo (NASDAQ:EVGO) stock is rising higher on Wednesday as investors react positively to the electric vehicles (EV) charging company’s third-quarter earnings report.
One reason EVGO stock investors are celebrating today is the company’s adjusted EPS of -9 cents. That’s better than the -21 cents per share Wall Street was expecting. It’s also a major improvement over the -19 cents per share reported in Q3 2022. This seems to be a signal to traders that the company is closing in on profitability.
Adding to that is EVgo’s revenue of $35.1 million for Q3. Yet again, that’s above the $29.7 million that analysts were looking for during the quarter. It also represents a year-over-year (YOY) revenue increase of 234%.
A big part of the strong earnings report for EVgo in Q3 are the firm’s new customer acquisitions. The company saw new customer accounts increase by 106,000 during the period. That has total customer accounts sitting at 785,000, which is a 58% increase from the same time last year.
How This Affects EVGO Stock
Investors are happy about the latest earnings report from EVgo and that has led to heavy trading of the company’s shares. As of this writing, more than 4.2 million shares of EVGO stock have changed hands. That’s already well above its daily average trading volume of about 2.6 million shares.
EVGO stock is up 15.2% as of Wednesday morning but still down 35.5% since the start of the year.
Investors that are seeking out even more of the most recent stock market stories on Wednesday are in the right place!
We have all of the latest insight into the biggest stock market happenings today! Among that is what’s going on with shares of Fisker (NYSE:FSR), Nextdoor (NYSE:KIND) and Rivian Automotive (NASDAQ:RIVN) stock today. You can find out more on these matters at the following links!
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On the date of publication, William White did not hold (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.
