Enphase Stock Plunges After Q2 Earnings - Here's Why
Portfolio Pulse from Ryan Gustafson
Enphase Energy, Inc (NASDAQ:ENPH) reported Q2 earnings of $1.47 per share, beating the analyst consensus estimate of $1.25. However, its quarterly sales of $711.12 million missed the analyst consensus estimate of $722.12 million. The company expects Q3 revenue between $550 million and $600 million, lower than the $748.08 million estimate. The company also announced a new share repurchase program of up to $1.0 billion. Following the report, ENPH shares were down 13.4% in after-hours trading.
July 27, 2023 | 8:31 pm
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Enphase Energy's Q2 earnings beat estimates but sales missed. The company's Q3 revenue guidance is lower than expected, which may have contributed to the stock's decline in after-hours trading. The announcement of a new share repurchase program could provide some support to the stock.
Enphase's Q2 earnings beat estimates, which is a positive signal. However, the company's sales missed estimates and its Q3 revenue guidance is lower than expected, both of which are negative signals that could lead to a decline in the stock price. The announcement of a new share repurchase program could provide some support to the stock, as it indicates that the company believes its stock is undervalued.
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