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Investors are betting against ChargePoint as well. Short interest stands at nearly 28%, up from 22.65% less than two weeks ago.
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Mullen already completed a 1-for-25 reverse split in May and then did a 1-for-9 reverse stock split in August
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Earnings in the second quarter included net income of $18.9 million, down from $22.3 million a year ago. Earnings of 4 cents per share were down 20% from a year ago.
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The company is touting what it predicts as rapid growth, saying it will generate $1.2 billion in sales this year and increase that to $6 billion by 2027.
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The company’s third-quarter earnings included revenue of $7.13 billion, up 3% from a year ago, and earnings per share of 36 cents, up from 21 cents in the third quarter of 2022.
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The only thing that makes that better was that the company’s net loss of $32.3 million was lower than the $102.2 million it lost in fiscal 2022.
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Revenue in the third quarter was down 1.8% from a year ago, resulting in a net loss of $48.7 million, or a loss of 94 cents per share.