SolarEdge tumbles 18% on weak first quarter steering

SolarEdge‘s inventory plummeted Tuesday after the corporate gave weak steering for the primary quarter.

SolarEdge expects revenues of $175 million to $215 million for the quarter, effectively beneath Wall Avenue’s expectations of $406 million.

Here is what SolarEdge reported for the fourth quarter in contrast with what Wall Avenue was anticipating, based mostly on a survey of analysts by LSEG, previously often called Refinitiv:

• Loss per share: 92 cents adjusted, vs. $1.17 anticipated.
• Revenues: $316 million, vs. $354 million anticipated.

SolarEdge CEO Zvi Lando stated the corporate struggled with a weaker market within the second half of 2023 as a consequence of excessive rates of interest and decrease costs, which saddled the corporate with stock.

“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 stated in a press release.

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