A South Bay electric vehicle charging company will lay off 15% of its workforce as it faces a sharp drop in revenue.
Campbell-based ChargePoint Holdings announced the cuts in its second quarter earnings report. Though the document did not disclose exactly how many workers will lose their jobs, the cuts should affect approximately 248 employees based on the 1,650 headcount the company reported as of January 31.
ChargePoint did not respond to questions about exactly where the eliminated employees are based, but in a separate WARN document filed September 4, the company said it will cut 64 Campbell-based employees effective November 4. The WARN, a document generally required in the event of mass layoffs, lists employees from 64 job titles, ranging from engineers to managers, technicians and designers.
Article continues below this adChargePoint, worth approximately half a billion dollars, provides charging stations for electric vehicles across North America, Canada and Europe. The company reported $108.5 million in revenue during the quarter ending July 31, 2024, a 28% drop from the $150.5 million it reported the same period last year. In its recent earnings report, it also said it will incur $10 million in restructuring costs, mostly from severance payments and employee benefits.
In January, ChargePoint laid off 12% of its employees to make up for financial constraints, with hopes of saving $33 million in operating expenses, the company said in a January 10 news release. Those layoffs came just two months before the company appointed a new CEO, Rick Wilmer.
