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SolarEdge Technologies Stock Plunges 18% on Weak Outlook
Aug 2, 2023 7:58 PM - Davit Kirakosyan(Last modified: Dec 19, 2023 5:49 PM)
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SolarEdge Technologies (NASDAQ:SEDG) shares dropped more than 18% intra-day today following the release of a weaker-than-expected sales outlook for Q3.
In its Q2 report, SolarEdge surpassed analyst expectations for earnings per share, reporting $2.79 compared to the estimated $2.53. However, the revenue figure for the quarter came in at $991.29 million, which was in line with the consensus of $992.39 million.
Despite delivering strong performance in the European residential and commercial solar segments during the second quarter, the company's Q3 sales outlook fell short of market expectations. SolarEdge anticipates revenue for the current quarter to be around $900 million.
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