SolarEdge tumbles on weak first-quarter guidance
Publishing timestamp: 2024-02-20 18:01:19
Summary
SolarEdge expects lower revenues for the first quarter of 2024, well below Wall Street's expectations. The company is struggling with inventory backlog due to high interest rates depressing demand in the residential solar market. Stock tumbled after weak guidance, with shares falling as much as 23% in extended trading. The company reported a net loss for the fourth quarter, with CEO mentioning challenges from market dynamics and inventory levels. Measures being taken include workforce reduction, closing manufacturing sites, and exiting certain businesses to reduce costs.
Sentiment: NEGATIVE
Tickers: SEDG,
Keywords: alternative and sustainable energy, energy, solaredge technologies inc, breaking news: markets, breaking news: technology, business news, breaking news: business,
Source: https://www.cnbc.com/2024/02/20/solaredge-tumbles-18percent-on-weak-first-quarter-guidance.html