ChargePoint Gains On Strong Revenue Outlook Despite Quarterly Miss By

ChargePoint Gains On Strong Revenue Outlook Despite Quarterly Miss By

© Reuters.

By Dhirendra Tripathi

Investing – ChargePoint (NYSE:) shares gained nearly 5% Friday after the company reiterated its 2021 revenue outlook even as its quarterly numbers missed the Street forecast.

It sees revenue of $195 million to $205 million for the fiscal year ending January 31, 2022. This represents 37% year-over-year growth at the midpoint.

Traders chose to ignore the higher net loss of $39.4 million on non-GAAP basis, compared to $29 million in the prior year’s first quarter.

The first quarter is typically one of the weaker ones for the company as it experiences seasonally lower networked station sales.

ChargePoint President and CEO Pasquale Romano said the company expects an acceleration in the business as electric vehicles gain market share and economies reopen.

For the first quarter ended April 30, revenue was $40.5 million, an increase of 24% from $32.8 million in last year’s first quarter but lower than the $40.85 million estimate as per a poll by Investing.

ChargePoint expects revenue of $46 million to $51 million for its second quarter ending July 31.

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