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By Yasin Ebrahim
Investing.com - Blink Charging reported mixed third-quarter results as earnings missed, but revenue beat Wall Street estimates.
Blink Charging (NASDAQ:BLNK) was up 8% in afterhours trade following the report.
The electric vehicle charging company reported a third quarter loss of 36 cents a share on revenue of $6.4 million, compared with expectations for a loss of 28 cents a share on revenue of $4.7 million.
The company said 3,016 charging stations were contracted or sold in Q3 2021, an increase of 351% compared to last year.
Service revenues, which include charging service revenue, network fees, and ride-sharing service revenue, increased 425% year over year.
The increase in services revenue was driven by "greater utilization of chargers, an increased number of chargers on the Blink network, revenues associated with the Blink Mobility ride-sharing service program, and revenues from the Blue Corner acquisition," the company said..
“Our third quarter results continued the momentum built during the first half of 2021, exceeding our internal expectations...," it added.