EVgo rallies in premarket trading after its narrower-than-expected loss

EVgo Inc.’s stock
EVGO,
+16.48%
was up by 16.5% in premarket trading on Wednesday after the electric-vehicle charging company reported a narrower-than-expected loss and beat its revenue estimate. EVgo’s third-quarter loss narrowed to $9.72 million, or 9 cents a share, from a loss of $13.22 million, or 19 cents a share in the year-ago quarter. The company’s loss of 9 cents a share beat the FactSet consensus estimate for a loss of 20 cents a share. EVgo’s third-quarter revenue more than tripled to $35.1 million from $10.51 million in the year-ago quarter and beat the $29.8 million analyst estimate. For full-year 2023, EVgo expects revenue of $148 million to $158 million, well ahead of the FactSet consensus estimate of $140 million.