Why ChargePoint Stock Dropped Friday

Electric vehicle charging network company ChargePoint Holdings (NYSE: CHPT) reported its first quarterly earnings as a public company last night. Friday morning, its shares were down 9% as of 10:15 a.m. EST.

The report is the first glimpse investors get of the company's future estimates after the initial presentation it made when it announced it was merging with a special purpose acquisition company (SPAC) to go public. The company's initial presentation estimated 2020 calendar year earnings to be $135 million, and the company came in above those estimates at $146 million. Investors, however, might be slightly disappointed that ChargePoint didn't raise 2021 revenue estimates.

Source Fool.com