Blink charging stock is in trend today: what's going on? – Blink load (Nasdaq: Blnk)

Blink Lading Co Blnk The shares are on Monday after the company has announced a restructuring plan that includes a global reduction in labor by 20%.

What to know: Blink, an EV company device company, announced a strategic restructuring plan that aims to accelerate its blinkerward initiatives and improve operational efficiency.

The plan includes a reduction in the company's workforce by 20%, which will lead to annualized savings of more than $ 11 million. The company expects the associated costs of 1 million to 1.5 million US dollars to arise due to the adjustments due to cash compensation and other severance payments. The reduction in the number of employees is expected to be completed by the end of the third quarter.

“Today's decisions are a challenge, but are crucial to drive our blinkerward strategy forward and to ensure the long-term success of Blink” Mike BattagliaPresident and CEO of Blink Lading.

“This restructuring is a proactive step to build up a more efficient and robust organization that better matches our strategic goals and is led in the next phase of our growth.”

The news comes when Blink faces challenges with the challenges with product sales. Analysts from HC Wainwright & Co. recently reduced the price target for blinking from 8 USD $ 5, whereby the turnover with a weak product was the central concern. The analysts carried out a merchanting for the share and expected an increase in service sales and the potential monetization of the company's passenger business in the course of this year.

Blink reported the financial results in the first quarter last week, which came to the estimates of the analysts for a short time. The company led a decline in product sales by almost 70% to an “uncertain economic climate that influences the discretion of customers”.

Blink led a sequential increase in sales in the second half of the year with further growth in the second half of the year.

“The company continues to focus on further reducing the operating costs and the incineration of money in its business, as it leads to profitability. Blink expects visibility via its schedule to achieve adjusted EBITDA RENABRATIONATION in the course of the year,” said the company in its profit publication.

Blnk price campaign: According to Benzinga Pro, around 1.4%of the early trade in early trade in the early retail on Monday to return around 74 cents.

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