ChargePoint's stock plunges toward record daily, weekly declines after CEO change, revenue warning

Shares of ChargePoint Holdings Inc. (CHPT) plunged 36.4% toward a record low Friday, after the electric vehicle charging station company warned of a revenue miss and announced departures of two top executives. The stock was also headed for the biggest one-day drop since it started trading four years ago, with the percentage decline more than double the current record 16.1% selloff on June 13, 2022. And the weekly decline of 26.6% would also be a new record, passing the current record of a 23.1% drop during the week ended Sept. 8, 2023. The company provided late Thursday a third-quarter revenue outlook that was well below Wall Street expectations and named Rick Wilmer its new chief executive officer, replacing Pasquale Romano who had the role for the past 12 years. The company said Chief Financial Officer Rex Jackson had left the company, and it named Mansi Khetani its interim CFO. The stock has plummeted 79.1% year to date, while shares of rival Blink Charging Co. (BLNK) have tanked 66.1% and the S&P 500 has climbed 17.4%.

-Tomi Kilgore

This content was created by MarketWatch, which is operated by Dow Jones & Co. MarketWatch is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

11-17-23 1007ET

Copyright (c) 2023 Dow Jones & Company, Inc.