Bay Area EV-charging company cuts 15% of workforce following 28% decline in revenue

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ChargePoint, a leading electric vehicle-charging company in the Bay Area, has announced layoffs affecting 15% of its workforce, approximately 250 employees, in its second round of cuts this year.

The announcement was made during the company’s second-quarter earnings call last week.

“Today, we have implemented an action plan to create efficiencies while reducing operating expenses,” said Rick Wilmer, CEO of ChargePoint, in a statement. “Our focus on delivering new software and hardware solutions that make it easier to go electric remains unchanged.”

Headquartered in Campbell, ChargePoint reported a revenue of $108.5 million, a drop of 28%, from $150.5 million, in the same quarter the previous year. Revenue from networked charging systems plummeted by 44%, to $64.1 million. However, subscription revenue saw a 21% increase to $36.2 million, up from $30 million year-over-year.

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www.sfchronicle.com/tech/article/chargepoint-layoffs-2024-19752656.php

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