ChargePoint Holdings to Cut 10% of Workforce

Dow Jones08-01

ChargePoint Holdings is cutting about 10% of its workforce as part of a broader restructuring plan.

The layoffs amount to about 144 employees, given the electric-vehicle charging company had a total workforce of about 1,440 as of Jan. 31, according to its latest annual filing.

ChargePoint expects the reorganization to pose about $6 million in costs, primarily consisting of severance benefits, employee benefits and related costs as well as facility-related costs.

The company expects to complete the reorganization during the fiscal third quarter, and incur the costs primarily during the fiscal second and third quarters.

The company also backed its prior guidance for revenue of $100 million to $110 million for the fiscal second quarter, which ends Friday.

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