By Dhirendra Tripathic
Investing.com – ChargePoint stock (NYSE:CHPT) rose 12% in Thursday’s premarket trading as the company raised its expectations after record second-quarter revenue that beat estimates.
The increased mobility resulting from the reopening of economies resulted in higher turnover. Growth was significant in North America and Europe in the commercial, fleet and residential verticals.
Commercial customers of all types are investing in charging their consumers, employees and visitors and the demand for residential products has increased as the arrival of vehicles increases.
The company raised its full-year revenue outlook to a range of approximately $230 million, up 15% from its June forecast. This reflects the increasing penetration of electric vehicles in the US and European car markets. ChargePoint originally expected 2.3 million EV sales in those markets in 2021, which would represent 40% growth from 2020.
ChargePoint’s port count exceeded 118,000 as of July 31, with more than 5,400 in Europe and more than 3,700 DC fast charging ports.
The company grew its quarterly revenue 61% year-over-year to $56.12 million. Net losses declined to $92.36 million, but per share were lower than analyst estimates.