Hyperdrive
ChargePoint Rallies on Potential Despite Plunge in Revenue
- Shares hit 3-week high after company reports 12% revenue drop
- Company operates biggest US network for charging EVs
ChargePoint, which runs the largest charging network in the US, reported $110.3 million of third-quarter revenue Wednesday, down 12% from the same period last year.
Photographer: Loren Elliott/BloombergThis article is for subscribers only.
ChargePoint Holdings Inc.’s steep revenue drop, triggered in part by the US auto strike, took a back seat to the electric car charging network company’s long-term potential as investors pushed share prices to a three-week high.
Shares Thursday gained as much as 12%, the most intraday since Nov. 14, and were up 10.2% to $2.26 at 12:20 p.m. in New York. The company, which runs the largest US charging network, reported third-quarter revenue of $110.3 million Wednesday after markets closed, a 12% drop from the same period last year.