- Wednesday, October 16, 2024
Shares of SolarEdge Technologies took a tumble on Wednesday following the company's second-quarter results, which fell short of estimates. The stock was down 17% at $198.66 during morning trading, resulting in a 29% decrease for the year.
Q2 Profit and Revenue
SolarEdge, based in Milpitas, Calif., reported a second-quarter profit of $119.5 million, or $2.03 per share, compared to $15.1 million, or 26 cents per share, in the same period last year. While this marks a significant improvement from the previous year, analysts were expecting a slightly higher per-share profit of $2.08.
Although revenue for the quarter rose by 36% to $991.3 million, it fell short of analysts' forecast of $993.9 million.
Factors Affecting Performance
SolarEdge stated that its U.S. business has been facing headwinds due to higher interest rates. This factor likely contributed to the company's below-expectations revenue. Looking ahead, SolarEdge anticipates third-quarter revenue to be in the range of $880 million to $920 million. However, analysts have projected revenue of $975.5 million.
It remains to be seen how SolarEdge will navigate these challenges in the coming months.
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