Chargepoint (NYSE:CHPT) shares dropped more than 26% intra-day today after the company announced its Q2 results, with earnings per share (EPS) of ($0.35) missing the analyst forecast by $0.22. The revenue for the quarter was $150.5 million, below the Street estimate of $153.53 million.

Regarding future expectations, Chargepoint anticipates Q3/24 revenue to fall within the range of $150 million to $165 million. For the full fiscal year, ChargePoint projects revenue between $605 million and $630 million.

Following the results announcement, Needham & Company analysts, while maintaining a Buy rating, reduced the price target for ChargePoint from $13.00 to $9.00. The analysts cited the lower estimates and a decreased target multiple as reasons for the adjustment. They explained that economic uncertainty is causing a slowdown among commercial customers, while fleet customers are facing delays in electrifying their vehicles. These factors have led to a consistent decline in consensus revenue estimates for the company over the past three quarters.