Blink Charging to cut 14% of global workforce as part of cost reduction plan (updated)

Blink Charging

17/09/2024 21:45

(Adds details from the release)
       Sept 17 (Reuters) - Electric vehicle charging equipment
maker Blink Charging  BLNK.O  said on Tuesday it would lay off
about 14% of its global workforce, as part of a cost reduction
plan.
    The job cuts would result in annualized savings of about $9
million and would be completed in the first quarter of 2025, the
company said in a statement. 
    "The timing of these cost-cutting measures, as indicated in
our last earnings announcement, is a proactive step to adapt to
current market conditions while preserving our long-term
strategy," CEO Brendan Jones said.
    In Aug., the company had cut its annual revenue forecast and
pushed back its timeline to achieve positive adjusted EBITDA to
2025 from Dec. 2024.

 (Reporting by Juveria Tabassum; Editing by Mohammed Safi
Shamsi)
 ((Juveria.Tabassum@thomsonreuters.com;))