SolarEdge shares sink after company offers weak Q4 guidance
Publishing timestamp: 2023-11-01 18:41:11
Summary
SolarEdge's stock plunged over 20% after reporting a miss on expected revenue for its fourth quarter. The solar sector is struggling due to weakened demand and high interest rates. SolarEdge warned of its weak third quarter and soft fourth-quarter guidance earlier in October. The company expects revenue of between $300 million and $350 million for the current quarter, missing analysts' estimates. The CEO attributed the disappointment to a slow market environment and high inventory of their products in distribution channels, particularly in Europe. The solar sector has also been impacted by a decrease in installation rates for solar panels and potential further cuts to California's solar incentive programs. Other solar stocks also saw decreases after the news.
Sentiment: NEGATIVE
Keywords: solaredge technologies inc, environment, earnings, israel, enphase energy inc, climate, alternative and sustainable energy, breaking news: technology, business news, sunrun inc, breaking news: business,
Source: https://www.cnbc.com/2023/11/01/solaredge-shares-sink-after-company-offers-weak-q4-guidance.html