Blink Charging stock soars 10% after jump in quarterly sales

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Shares of Blink Charging Co. BLNK, +8.16% jumped nearly 10% in the extended session Thursday after the EV-charging company reported third-quarter sales well above Wall Street expectations. Blink said it lost $15.3 million, or 36 cents a share, in the quarter, compared with a loss of $3.9 million, or 12 cents a share, in the third quarter of 2020. Revenue rose more than 600% to $6.4 million, from $906,000 a year ago. FactSet consensus called for a loss of 28 cents a share on sales of $4.7 million. “We are focused on continuing to grow our owner-operator business model, which differentiates us in the industry, because we not only install and maintain the charging equipment, but we also benefit from its ongoing utilization,” Chief Executive Michael D. Farkas said in a statement. “This is an exciting time for Blink as the transition to EV use gains traction, driven by environmental concerns and legislative directives.” Blink and other EV-charging companies soared this week on the heels of the passing of the $1 trillion infrastructure bill that sets aside some $7.5 billion for EV charging and related. Blink stock had ended the regular trading day up 8%.

This article was originally published by Marketwatch.com. Read the original article here.

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