A South Bay electric vehicle charging company will lay off 15% of its personnel due to a significant decline in sales.
ChargePoint Holdings, based in Campbell, disclosed the changes in its second-quarter earnings report. Though the paper did not specify how many staff will be laid off, the cuts are expected to affect around 248 employees, based on the company’s 1,650 workforce as of January 31.
ChargePoint Holdings, based in Campbell, disclosed the changes in its second-quarter earnings report. Though the paper did not specify how many staff will be laid off, the cuts are expected to affect around 248 employees, based on the company’s 1,650 workforce as of January 31.
ChargePoint, which is valued at around $500 million, operates charging stations for electric vehicles throughout North America, Canada, and Europe. The company recorded $108.5 million in revenue for the quarter ending July 31, 2024, a 28% decrease from the $150.5 million reported in the same time prior year. In its most recent earnings report, it stated that it will incur $10 million in restructuring expenditures, primarily from severance payments and employee benefits.
In January, ChargePoint lay off 12% of its employees to compensate for financial constraints, with the goal of saving $33 million in operational expenses, according to a January 10 news release. The layoffs occurred just two months before Rick Wilmer was chosen as the company’s new CEO.
