Blink Charging (NASDAQ:BLNK) stock is heading higher on Friday after releasing a strong earnings report for the third quarter of 2023!
Investors in BLNK stock are celebrating the electric vehicle (EV) charging company’s record revenue of $43.38 million for the quarter. That’s a massive win for Blink Charging compared to Wall Street’s revenue estimate of $31.48 million. It also represents a 152% year-over-year increase compared to $17.25 million.
Adding to that positive earnings report is the company’s adjusted earnings per share of -16 cents. That’s much better than the -37 cents per share that Wall Street was expecting. It’s also a great improvement from the -47 cents per share reported in the same period of the year prior.
Brendan Jones, president and CEO of Blink Charging, said the following in the earnings report.
“Our third quarter results reflect a continuation of the momentum and growth that we’ve driven throughout this fiscal year, as we’ve seen strong demand for both equipment and services, as well as increased network fees. Notably, in the first nine months of 2023, Blink has generated $98 million in revenue, putting the Company significantly ahead of our full year 2022 revenue of $61.1 million, with another quarter of 2023 revenue still to be recorded.”
BLNK Stock Movement Today
With such a strong earnings report, it comes as no surprise that BLNK stock is up 21.8% as of Friday morning. With this movement comes some 1.6 million shares of BLNK being traded. That’s closing in on its daily average trading volume of about 2 million shares.
Investors who want more of the hottest stock market news for Friday are in the right place!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
