SolarEdge Technologies (SEDG) will cut 900 jobs, or 16% of its workforce, the solar power company announced Sunday, as demand continues to plunge.
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The Israeli solar power inverter maker will cut 550 jobs in its home count.
SolarEdge previously forecast Q4 2023 revenue to come in at $325 million, down 55% vs. Q3 and 64% vs. a year earlier.
Analysts currently see Q4 revenue of $371 million, with SolarEdge losing $1 a share, according to the FactSet consensus. SolarEdge lost 55 cents a share in Q3 after making $2.86 a share in Q4 2022.
SolarEdge and rival Enphase Energy (ENPH) have suffered a massive drop in demand.
Residential solar adoption has tumbled over the past year amid higher mortgage rates. Also, key market California slashed what utilities pay for residential solar power.
SolarEdge Stock
SolarEdge stock has plunged 26.2% so far in January. That’s after diving nearly 70% in 2023.
Enphase stock has sold off 21.6% in 2024, the worst performer in the S&P 500 so far. ENPH stock crashed 50.1% last year, the S&P 500’s second-worst stock.
Please follow Ed Carson on Threads at @edcarson1971, X/Twitter at @IBD_ECarson and Bluesky at @edcarson.bsky.social for stock market updates and more.
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