ChargePoint Plummets After Job Cut Plans, Analysts Downgrade
- Shares see largest intraday drop since November 2023
- Analysts wary of path to revenue growth, cut price targets
This article is for subscribers only.
ChargePoint Holdings Inc. fell after the electric vehicle charging company said it plans to cut 15% of its workforce and slashed earnings estimate for its next fiscal quarter.
Shares dropped as much as 23% as of 9:37 a.m. in New York Thursday, the biggest intraday drop since mid-November. Some analysts downgraded the stock citing an unclear path to revenue growth and EV recession. The company said the planned restructuring will affect mainly sales and marketing.