Why Shares of Volta Are Plummeting This Week
After the White House approved all of the states' electric vehicle (EV) charging plans this week, some EV-charging infrastructure stocks powered higher. Volta (NYSE: VLTA), on the other hand, is not faring quite so well. On Thursday, Volta updated its business outlook for 2022, and shareholders didn't like what they heard.
As of the end of Thursday's trading session, shares of Volta had plunged by 31.1% from where they were at the market's close last Friday, according to data from S&P Global Market Intelligence.
Announcing a number of steps to better position the company for the future, Volta announced that it was engaging in "an organizational realignment to reduce costs and drive strategic priorities." One of the primary ways in which management will lower expenses is by reducing its workforce. According to Thursday's announcement, the company plans to cut its full-time staff by 10%. It's worth noting that Volta has already been downsizing this year: Since June 1, it has reduced its full-time workforce by 18%.
Source Fool.com
