ChargePoint's stock slumps to record low after revenue warning, executive changes

FILE PHOTO: An electric vehicle charge station by ChargePoint, Inc. is seen in Manhattan, New York, U.S., December 8, 2021. REUTERS/Andrew Kelly

NEW YORK (Reuters) - ChargePoint Holdings' stock slumped by nearly 38% to a record low on Friday after the electric vehicle (EV) charging network slashed its third quarter revenue forecast and replaced key executives.

ChargePoint expects revenue to drop to between $108 million and $113 million, far below a previous forecast of between $150 million and $165 million, owing to weak demand caused by delays in electric vehicle deliveries in North America and Europe, the company said after the closing bell on Thursday. It will report its third quarter results on Dec. 6.