VLTA - Volta cuts workforce by 10% withdraws FY revenue guidance & lowers Q3 sales outlook

• EV charging company Volta ( NYSE: VLTA ) on Wednesday said it had implemented a 10% reduction in its workforce, withdrawn its full year revenue guidance and revised its Q3 revenue forecast amidst challenging market conditions.
• The company said it would implement additional actions such as limit the use of outside consultants and consolidate its teams and three offices in San Francisco into one.
• The organizational realignment was intended to align the company's business with current market conditions, VLTA said in a statement .
• Volta ( VLTA ) also revised its Q3 revenue guidance to $13.5M to $14.5M from a prior outlook of $17M to $18M, citing market conditions and an uncertain macroeconomic environment. The consensus revenue estimate is $17.56M.
• Additionally, the company withdrew its full year revenue and install guidance until further notice.
• Class A shares of Volta ( VLTA ) -1.3% to $1.55 after hours.

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