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A SolarEdge Technologies logo is seen on a smartphone and a PC.
Pavlo Gonchar | SOPA Images | LightRocket | Getty Images
SolarEdge‘s stock plummeted Tuesday after the company gave weak guidance for the first quarter.
SolarEdge expects revenues of $175 million to $215 million for the quarter, well below Wall Street’s expectations of $406 million.
Here’s what SolarEdge reported for the fourth quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG, formerly known as Refinitiv:
- Loss per share: 92 cents adjusted, vs. $1.17 expected.
- Revenues: $316 million, vs. $354 million expected.
SolarEdge CEO Zvi Lando said the company struggled with a weaker market in the second half of 2023 due to high interest rates and lower prices, which saddled the company with inventory.
“Nevertheless, we believe we are well positioned for the next growth cycle in our industry due to our expanding product portfolio as well as the operational and cost reduction measures we have taken,” Lando said in a statement.
This is breaking news. Please check back for updates.
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