Xpeng, Okta, Salesforce, and ChargePoint: Weekly Digest (28 November – 2 December)
This week, the focus was on Xpeng, Okta, Salesforce, and ChargePoint Holdings. Let's see how the stocks of these companies reacted to the quarterly statistics.
On Wednesday 30 November, Chinese electric car maker Xpeng Inc. presented its report for Q3, 2022. Over July - September, revenue increased by 19.3% to $0.96 billion compared to the statistics of the same period last year, net loss rose by 49% to $0.33 billion, and loss per share increased by 46.6% to $0.39. The number of electric cars delivered to clients increased by 15% to 29,570 vehicles.
On 30 November, following the published statistics that did not live up to the expectations of Wall Street analysts and confirmed a slowdown in sales and production growth, the shares of Xpeng Inc. (NYSE:XPEV) demonstrated unbelievable growth of 47.28% to $10.81.
It seems that investors got inspired by the fact that, despite the tough quarantine measures in China, Xpeng Inc. had managed to increase its revenue and production numbers compared to Q3, 2021.
Okta report: revenue increased by 37%
On Wednesday, a report for Q3, financial 2023 was presented by Okta Inc., which produces software for data identification and safe access. From August to October 2022, revenue increased by 37.2% to $481 million, the net loss dropped by 5.6% to $208.9 million, and the loss per share fell by 8.3% to $1.32.
Okta Inc. forecasts that in Q4, financial 2023 revenue will increase by 27-28% to $488-490 million. After the quarterly statistics and the forecast, the shares of Okta Inc. (NASDAQ:OKTA) saw a 26.26% growth to $67.43. Note that the quotes have been growing for four sessions in a row.
On 30 November, a report for Q3, financial 2023 was published by software developer Salesforce Inc. The company reported a revenue increase of 14% to $7.8 billion, a decline in the net profit by 55.1% to $210 million, and a 56.3% decline in the EPS to $0.21.
Salesforce Inc. expects its revenue this quarter to reach $7.98 billion. As you remember, the consensus forecast was $8.02 billion. Moreover, it was announced that the co-CEO, Bret Taylor, would leave his post at the beginning of the next calendar year.
The quarterly statistics and forecast that failed to live up to the expectations of experts, as well as the news about Taylor's departure, had a negative effect on the stock price of the corporation. Consequently, on Thursday 1 December, the quotes of Salesforce Inc. (NYSE:CRM) dropped by 8.27% to $147.
ChargePoint shares grew in waiting for the report
On Thursday, the results of Q3, financial 2023 were shared by ChargePoint Holdings Inc. (NYSE:CHPT), a company specialising in equipment for charging electric cars and developing a network of charging stations. One day before, while waiting for the quarterly report, the shares grew by 7.72% to $12.42.
From August to October, the revenue of ChargePoint Holdings Inc. recorded a 92.7% increase to $125.3 million, net loss rose 21.7% to $84.5 million, and loss per share increased by 19% to $0.25. Revenue generated by charging systems amounted to $97.6 million, which represents growth of 105 %, compared to the statistics of the same period last year.
According to the forecasts of the company’s management, in Q4, the revenue of ChargePoint Holdings Inc. may increase by 108% to $160-170 million. The quotes reacted to the report with a minor decline of 1.85% to $12.19.
This week, quarterly reports were presented by Xpeng Inc., Okta Inc., Salesforce Inc., and ChargePoint Holdings Inc. The shares of the first two companies grew by 47% and 26%, respectively, while the shares of the last two companies lost 8% and 2%, respectively.