EVgo Stock Soars 23% in Morning Trading on Better-Than-Expected Results, Upbeat Outlook

Tiger Newspress2023-08-03

Shares of EVgo Inc. jumped 23.47% in morning trading on Thursday after the company, which runs a network of electric-vehicle charging stations, gave a more upbeat full-year sales outlook and reported second-quarter results that were better than expected.

The company reported a net loss of $21.5 million, or 8 cents a share, contrasting with a $16.9 million profit, or 6 cents a share, in the same quarter last year. Revenue jumped 457% to $50.6 million from $9.1 million in the prior-year quarter. Analysts polled by FactSet expected a 26-cent per-share loss, on revenue of $29.5 million.

The company said it expected full-year sales of $120 million to $150 million, compared with a range of $105 million to $150 million announced in May.

“We are pleased to report EVgo’s network throughput growth is accelerating, demonstrating the leverage in our business and financial model as the auto sector rapidly electrifies,” Chief Executive Cathy Zoi said in a statement.

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