ChargePoint Stock Plunges After Earnings. The Economy Is Crimping Growth.

Shares of EV charging equipment maker ChargePoint are dropping after disappointing quarterly earnings. There is sales growth at the company, but just not enough for investors.

Solid expansion, but below what Wall Street was expecting. Analysts were looking for a 13-cent loss from $153.2 million in sales. “While we expected near-term headwinds….ChargePoint’s [guides] were below our revised expectations,” wrote J.P. Morgan analyst Bill Peterson in a Thursday report. “Growth is still being held back by reduced discretionary spend in some markets with fleet growth also being held back by lack of vehicle availability.”

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