Enphase Energy Struggles with Lowered Earnings and Sluggish Market Demand

The solar solutions company reports a significant drop in Q1 earnings and anticipates continued soft sales, reflecting broader issues in the U.S. solar market.

• Enphase Energy's Q1 earnings and revenue fell below analysts' expectations, with a reported revenue of $263 million and earnings of 35 cents per share.
• The company's U.S. revenue decreased by 34% sequentially, while European revenues grew by 70%.
• Enphase forecasts Q2 revenue to be between $290 million and $330 million, significantly below the expected $347 million.
• High inventory levels and a new metering reform in California are impacting the demand for Enphase's products.
• The company has reduced its workforce by 10% and cut manufacturing capacity in efforts to manage excess inventory and improve financial health.

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Investopedia Benzinga