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Beating Analyst Forecasts and Coming Out on Top: ChargePoint Holdings Inc. (CHPT)

ChargePoint Holdings Inc. (NYSE: CHPT), the owner of an electric car charging station network, released its second quarter 2022 results on Wednesday, August 31. Once again, the firm outperformed Wall Street projections, with quarterly revenue exceeding $100 million for the first time.

CHPT’s second-quarter sales increased by 93% year on year to more than $108 million. Gross margin declined from 2% to 17%, and the net loss was about $93 million. As a result, after the release of another good report, quotations increased by more than 12%.

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ChargePoint Holdings Inc. (CHPT) now has almost 200,000 EV charging port installations throughout North America and Europe, up around 70% year on year and 7% higher than the prior quarter. Last quarter, new clients contributed to roughly a third of total sales.

These figures show that the popularity and ubiquity of electric vehicles are increasing in significant markets, which is driving investment in charging infrastructure. ChargePoint Holdings Inc. (CHPT), one of the industry’s pioneers in electric car charging, is profiting from this trend.

Perhaps this is what drives investors’ optimism: they consider not just present achievement, but also the possibility of increased income as the number of electric car owners rises.

ChargePoint Holdings Inc. (CHPT) management provided a third-quarter forecast. Revenue growth is expected to roughly a double year on year and to be over 20% higher than in the second quarter of 2022. Management previously stated that it expected full-year revenue of $450 million to $500 million in 2022.

ChargePoint Holdings Inc. (NYSE: CHPT) shares are down -19.63% year to date (YTD) and are down -5.90% or -$0.96 in the most recent trading session. The stock’s trailing 12-month performance, on the other hand, is rough -27.89% lower.

The stock is up 2.00% over the last six months and 10.14% over the last three months. When we look at the shorter timeframe, the week performance is down -2.42% and the month performance is down -4.07%.

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