SolarEdge Faces Steep Stock Decline Amid Weak Sales Forecast
SolarEdge Technologies reported a narrower-than-expected loss for Q4 but its sales and future revenue projections fell significantly short of analyst expectations.
- SolarEdge's stock plummeted following a disappointing sales forecast for the first quarter, with expected revenues well below Wall Street's estimates.
- The company reported a Q4 adjusted loss of 92 cents per share on sales of $316 million, missing analysts' sales expectations.
- For the upcoming quarter, SolarEdge anticipates revenue between $175 million and $215 million, against analysts' projections of around $374 million to $406 million.
- Shares of SolarEdge have lost about 67% of their value in 2023, with the company being dropped from the S&P 500 and cutting 16% of its workforce.
- Despite the current downturn, SolarEdge's CEO remains optimistic about the company's positioning for future industry growth cycles.