Why ChargePoint Stock Plunged Today
Electric vehicle (EV) charging network leader ChargePoint Holdings (NYSE: CHPT) reported its quarterly results last night, and the market is reacting negatively today. Shares dropped 10% in early trading Wednesday, and as of 10:16 a.m. ET, they remained down more than 8%. With the company raising its fiscal-year revenue guidance, some may be wondering why investors would hit the stock.
The boost in revenue guidance is the second one from the company this year, after going public through a merger with a special purpose acquisition company (SPAC) earlier in 2021. But investors appear to be reacting more to the net loss of $69.4 million the company reported. That was more than expected, and represents a significant increase from the loss of $40.9 million in last year's comparable period.
Source Fool.com
