It’s another earnings-packed issue, so let’s quickly review some of the biggest after-hours movers. 👀
First up is the electric vehicle charging company ChargePoint Holdings. Its adjusted loss per share of $0.23 and revenues of $152.8 million missed the expected $0.19 per share loss and $165 million in revenues. The company blamed supply challenges for its miss and guided for first-quarter revenue of $122 to $132 million. $CHPT shares are down 13% on the news. ⚡
AI software company C3.ai reported an adjusted loss per share of $0.06 and revenues of $66.7 million. Both were above the consensus view of a $0.22 per share loss on $64.2 million in revenue. Executives issued upbeat guidance, citing tailwinds from improved business optimism and increased interest in applying AI solutions across a broad range of industries and applications.
As a result, they now expect fiscal fourth-quarter revenue of $70 to $72 million, above the $69.9 million analyst estimate. Lastly, the company says it remains on track to become “cash positive and non-GAAP profitable” by the end of fiscal 2024. $AI shares are up 17% on the news. 🤖
Lastly, cloud security provider Zscaler reported mixed results. The company’s revenue plus deferred revenue acquired during the quarter of $493.8 million beat the $491 million expected. Adjusted earnings per share of $0.37 also beat the $0.29 expected. Like other software companies, its customers are more hesitant to expand their purchases in the current environment, which delayed several large deals. 🌩️
Given the current challenges, the company is cutting its global workforce by 3% (150 people) by the end of July. Executives expect full-year earnings of $1.52 to $1.53 per share and billings of $1.94 to $1.95 billion. While that was mainly in line with consensus expectations, the more cautious tone caught investors off guard. $ZS shares are down 11% on the news. 🔻