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ChargePoint Cutting 15% of Workforce After Missing Estimates

ChargePoint Holdings, Inc. declined 8.8% at 4:50 p.m. in New York following the announcement. — ChargePoint Holdings, Inc. declined 8.8% at 4:50 p.m. in New York following the announcement.
Photographer: Angus Mordant/Bloomberg

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By Tope Alake

September 4, 2024 at 9:05 PM UTC

This article is for subscribers only.

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.