ChargePoint (CHPT.US) fell 9% as Q2 revenue missed expectations and the company cut 15% of its workforce.

ChargePoint(CHPT.US), the largest electric vehicle charging network operator in the U.S., reported weak Q2 results and disappointing Q3 guidance, and said it plans to cut 15% of its global workforce as part of a restructuring, leading to a post-market plunge of over 10% in its stock, which has fallen 9.47% as of the time of writing.

Data showed that ChargePoint's revenue in the second quarter, which ended on July 31, fell 27.6% to $109 million, missing expectations by nearly $5 million, and the company reported a loss of $0.16 per share in the second quarter, narrower than the loss of $0.35 per share in the same period last year, in line with expectations.

The non-GAAP gross margin expanded from 3% in the same period last year to 26%, due to the $28 million inventory impairment expense recorded last year to address legacy supply chain-related costs and overruns on specific product supply.

The company had $243.7 million in cash and cash equivalents on its balance sheet. Its $150 million revolving credit facility remains undrawn, and the company has no debt maturing before 2028.

For the third quarter, ChargePoint expects revenue of $85 million to $95 million, down from the Q2 revenue announced, and below the consensus of $135.9 million.

It's worth noting that the company said it plans to restructure its business and cut 15% of its global workforce, which is expected to cost $10 million in severance and related costs. ChargePoint said the layoffs are expected to save the company approximately $41 million in operating expenses through improved operating efficiency.

This is not the first time the company has laid off employees. According to a filing with the U.S. Securities and Exchange Commission (SEC), the company laid off 168 employees in September 2023, accounting for 10% of its global workforce at the time, and also laid off 223 employees in January this year.