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SolarEdgeShares fell Tuesday after the company gave weak guidance for the first quarter.
SolarEdge expects revenue of $175 million to $215 million for the quarter, well below Wall Street expectations of $406 million.
Here’s what SolarEdge reported for the fourth quarter compared to what Wall Street expected, based on a survey conducted by analysts at LSEG, formerly known as Refinitiv:
- Loss per share: 92 cents adjusted, versus $1.17 expected.
- Revenue: $316 million, versus $354 million expected.
Zvi Lando, CEO of SolarEdge, said the company struggled with a weaker market in the second half of 2023 due to high interest rates and lower prices, which burdened the company with inventory.
“However, we believe we are well positioned for the next cycle of growth in our industry thanks to our expanding product portfolio and the operational and cost-saving measures we have taken,” Lando said in a statement.
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