ChargePoint (NYSE:CHPT) layoffs are in the news after the electric vehicle (EV) charging company announced job cuts alongside its latest earnings report.
According to a press release, ChargePoint is planning a restructure that will result in it cutting 10% of its global workforce. The company says that these layoffs should result in “annual operating expense savings of approximately $30 million.”
ChargePoint expects to suffer $8 million in charges in this reorganization mostly connected to the layoffs. Investors will note that the company primarily expects to record these charges during the third quarter of 2023.
ChargePoint Q2 Earnings
To go along with the layoffs announcement, ChargePoint also reported adjusted EPS of -35 cents and revenue of $150.49 million. Unfortunately for investors in CHPT stock, both of these are below Wall Street’s estimates of -13 cents per share and revenue of $152.83 million.
ChargePoint’s outlook for the full year of 2023 is also lacking behind estimates. The company expects revenue for the period to range from $605 million to $630 million. That would have it missing analysts’ revenue estimate of $674.94 million.
CHPT stock is down 16.7% on Thursday morning. That comes alongside more than 1.3 million shares changing hands. For the record, the company’s daily average trading volume is well above that at about 10.1 million shares.
Investors seeking out even more of the most recent stock market stories for Thursday are in the right place!
InvestorPlace is home to all of the hottest stock market news that traders need to know about today! Among that is what’s going on with shares of GameStop (NYSE:GME) stock, NeuBase Therapeutics (NASDAQ:NBSE) stock and Sportsman’s Warehouse (NASDAQ:SPWH) stock on Thursday. You can find out all about these matters at the links below!
More Stock Market News for Thursday
- GME Stock: Can GameStop Still Save Itself?
- Why Is NeuBase Therapeutics (NBSE) Stock Down 27% Today?
- Why Is Sportsman’s Warehouse (SPWH) Stock Down 23% Today?
On the date of publication, William White did not hold (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.
