Blink Charging To Lay Off About 100 Employees To Cut Costs As EV Demand Softens
Portfolio Pulse from Anan Ashraf
Blink Charging Co. (NASDAQ:BLNK) is laying off 14% of its workforce to cut costs amid softening EV demand. The layoffs aim to save $9 million annually and will be completed by Q1 2025. Despite a slight revenue increase, Blink's gross profit has declined, and it has lowered its 2024 revenue guidance.
September 18, 2024 | 9:12 am
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
Blink Charging is laying off 14% of its workforce to save $9 million annually due to softening EV demand. The company has lowered its 2024 revenue guidance and delayed its positive EBITDA timeline to 2025.
The layoffs indicate cost-cutting measures due to reduced demand, impacting short-term financial performance. Lowered revenue guidance and delayed EBITDA timeline suggest challenges ahead, likely affecting stock negatively.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100