Why ChargePoint Stock Is Getting Crushed Friday
ChargePoint Holdings (NYSE: CHPT) shares are being taken to the woodshed Friday morning. The stock was down by 36.3% at 10:25 a.m. ET after the company provided a guidance update last night.
Today's move means shares of the electric vehicle (EV) charging network company are now lower by nearly 80% this year.
With some EV makers throttling back production as the growth in demand for EVs seems to be slowing, it's not surprising to see ChargePoint also adjust its guidance. But investors didn't expect to hear what the company released last night. Not only did it adjust revenue guidance to predict a year-over-year decline in the current quarterly period, it also is replacing both its CEO and chief financial officer (CFO).
Source Fool.com
