ChargePoint's Disastrous 2023 Just Got a Lot Worse

By Travis Hoium – Nov 17, 2023 at 10:45AM

Key Points

ChargePoint announced the CEO and CFO are leaving effective immediately.
Preliminary third-quarter 2023 results were announced and they show a dramatic drop in revenue and margins for the quarter.
To make matters worse, ChargePoint is taking a $42 million impairment charge to write-down inventory.
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NYSE: CHPT

ChargePoint

Market Cap

$538M

Today's Change

(0.79%) $0.01

Current Price

$1.27

Price as of April 26, 2024, 4:00 p.m. ET

ChargePoint's CEO and CFO are leaving and the company expects to report terrible results for the third quarter. Here's what happened.

ChargePoint Holdings (CHPT 0.79%) stock is down 37% in the opening minutes of trading Friday after the company announced the CEO and CFO are leaving after a terrible third quarter of 2023. The business has deteriorated faster than anyone expected, and even a recent capital raise may not save the company.

In this video, Travis Hoium covers the latest news and shows why this is a stock to avoid for investors.

*Stock prices used were end-of-day prices of Nov. 17, 2023. The video was published on Nov. 17, 2023.

Travis Hoium has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Tesla. The Motley Fool has a disclosure policy. Travis Hoium is an affiliate of The Motley Fool and may be compensated for promoting its services. If you choose to subscribe through their link they will earn some extra money that supports their channel. Their opinions remain their own and are unaffected by The Motley Fool.