Hyperdrive
EV Charging Company ChargePoint Plunges After Sales Sag, Executives Are Replaced
- Quarterly revenue drops from a year ago, misses guidance
- CFO also leaves EV charging firm losing out to Tesla
Pasquale Romano.
Photographer: Victor J. Blue/BloombergThis article is for subscribers only.
ChargePoint Holdings Inc. shares collapsed after the company announced the sudden replacement of its longtime chief executive officer and posted disappointing quarterly revenue.
The stock — which had already lost more than two thirds of its value this year — plunged as much as 38%, its biggest intraday decline ever. The electric-vehicle charging company’s market capitalization fell to around $750 million from a peak of $11.2 billion in June 2021.