ChargePoint Holdings Inc. (CHPT) stock fell by 3.81% premarket on Q3 earnings of the company, at the last check on Wednesday. While CHPT beat revenue estimates and raised guidance, the missed EPS caused the stock to tumble down premarket.
In the previous trading session, the stock gained 5.01% to close at $21.78 with an active volume of 12.27 million shares. The stock had fallen down to $20.95 in the premarket session, at the time of writing.
The EV charging network provider, ChargePoint Holdings Inc. (CHPT) has a market capitalization of $6.74 billion. Currently, the company has 324.9 million shares outstanding in the market.
CHPT’s Q3 Earnings
On December 07, the company announced its financial results for the third quarter of fiscal 2022, which ended on October 31, 2021. As per the third quarter fiscal 2022, CHPT had revenue of $65.0 million, against $36.4 million in the year-ago quarter. This shows an increase of 79% year-over-year. Hence, the quarter’s revenue beat the consensus estimate of $63.5 million.
Moreover, the third-quarter fiscal 2022, reported a non-GAAP pre-tax net loss of $47.3 million (excluding stock-based compensation expense, etc.). This compares to $32.5 million in the third quarter of fiscal 2021. Subsequently, the net loss per basic and diluted share was $0.21 in the third quarter of fiscal 2022. The net loss per share missed the consensus estimate of $0.12 per share for the quarter.
Further, CHPT had cash of $365.9 million on the balance sheet at the end of the third quarter of fiscal 2022.
Future Guidance
Along with the third-quarter results, CHPT also reported its guidance for the upcoming fourth quarter and full-year fiscal 2022.
The company posted guidance of $73 million to $78 million in revenue for the upcoming fourth quarter of fiscal 2022.
Recent Developments
ChargePoint Holdings Inc. (CHPT) recently added new members to its personnel. The company appointed Elaine L. Chao to its board of directors, who has vast experience in both public and private sectors along with nonprofits. Secretary Chao’s appointment was announced on December 02, 2021.
Moreover, the company also announced Lisa Mulrooney Gross as the new Chief People Officer at CHPT, on October 19, 2021. Mulrooney Gross previously served as the senior vice president, People, at Fitbit.
