(Bloomberg) -- ChargePoint Holdings, Inc., operator of the largest electric vehicle charging network in the US, plans to cut 15% of its workforce after missing revenue forecasts.
The cuts are expected to save the company about $41 million in operating expenses, ChargePoint said. Shares declined 8.8% at 4:50 p.m. in New York following the announcement.
It’s not the first time the company has let workers go. In September 2023, it cut 168 employees — or 10% of its global workforce at the time — and 223 workers in January, according to documents filed with the Securities and Exchange Commission.
--With assistance from David R. Baker.
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