ChargePoint

ChargePoint laid off 250 employees representing approximately 15% of its workforce on 2024-09-04.

ChargePoint representing approximately 12% of its workforce on 2024-01-10.

ChargePoint, a leading electric vehicle charging network company, announced in September 2023 that it is restructuring and will lay off 10% of its global workforce. This decision, part of a broader reorganization, aims to achieve annual operating expense savings of approximately $30 million. The layoffs were disclosed alongside the company's second-quarter earnings report, which revealed adjusted EPS and revenue figures that fell short of Wall Street estimates. The disappointing financial performance and a revenue outlook below analyst expectations for the full year contributed to the cost-cutting measures. The company expects to incur about $8 million in charges related to the reorganization, primarily in the third quarter of 2023.