05:10 PM EDT, 09/04/2024 (MT Newswires) -- ChargePoint Holdings ( CHPT ) reported a fiscal Q2 loss late Wednesday of $0.16 per diluted share, narrowing from a loss of $0.35 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.16.

Revenue in the quarter ended July 31 fell to $108.5 million from $150.5 million a year earlier.

Analysts surveyed by Capital IQ expected $113.5 million.

The company expects fiscal Q3 revenue of $85 million to $95 million. Analysts polled by Capital IQ expect $135.9 million.

ChargePoint ( CHPT ) said it will be restructuring its operations, which will lead to a 15% decrease in the company's existing global employee base.

The company added that the restructuring is anticipated to lead to savings in both the GAAP and non-GAAP operating expenses, amounting to approximately $41 million and $38 million, respectively, on an annual basis.

Shares of ChargePoint ( CHPT ) fell 8.3% in after-hours activity.

Price: 1.5495, Change: -0.14, Percent Change: -8.31