By Dhirendra Tripathi
Investing.com – ChargePoint stock (NYSE:CHPT) soared 12% in Thursday’s premarket trading as the company raised its guidance following second-quarter record revenue that beat estimates.
Increased mobility as a result of reopening of economies boosted revenue. Growth was significant in North America and Europe across the commercial, fleet and residential verticals.
Commercial customers of all types are investing in charging for their consumers, employees and visitors and demand for residential products has grown as vehicle arrivals accelerate.
The company raised its full-year revenue outlook to a range around $230 million, up 15% from the guidance given in June. That reflects the increasing penetration of the U.S. and European car markets by electric vehicles. ChargePoint had originally assumed 2.3 million EV sales in those markets in 2021, which would represent growth of 40% from 2020.
ChargePoint’s activated ports exceeded 118,000 as of July 31 with over 5,400 in Europe and over 3,700 DC fast-charging ports.
The company grew its quarterly revenue 61% on-year to $56.12 million. Net losses narrowed to $92.36 million, but on a per share basis, were lower than analysts’ estimate.
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