Shares of ChargePoint Holdings plunged after the company said third-quarter revenue would fall short of its prior guidance and replaced its chief executive and finance chief.
The stock was recently down 27.5% to $2.27 in after-hours trading. It closed Thursday at $3.13, down nearly two-thirds this year.
The Campbell, Calif.-based electric vehicle charging infrastructure company said it expects third-quarter revenue between $108 million to $113 million, below the $150 million to $165 million it previously expected.
Rick Wilmer, who was promoted to chief executive from chief operating officer, effective Thursday, said the company’s core markets in North America and Europe came under pressure late in the third quarter.
“Overall macroeconomic conditions, along with fleet and commercial vehicle delivery delays impacted anticipated deployments with government, auto dealership and workplace customers,” he said.
Wilmer, who joined ChargePoint in July 2022, succeeds Pasquale Romano, who had been CEO since 2011 and who will remain as an adviser.
ChargePoint also launched a search for a new chief financial officer after Rex Jackson left the company, effective Thursday.
Mansi Khetani, who had been the company’s senior vice president of financial planning, will serve as interim CFO while the company looks for a permanent replacement.