Why Smart Energy Technology Company SolarEdge's Shares Are Tumbling Today
Portfolio Pulse from Lekha Gupta
SolarEdge Technologies Inc (NASDAQ:SEDG) shares dropped by over 24% after the company reported weak preliminary Q3 FY23 results. The company lowered its Q3 revenue outlook to $720 million-$730 million from $880 million-$920 million and adjusted gross margin outlook to 20.1%-21.1% from 28%-31%. The company also expects significantly lower revenues in Q4 2023 due to continued inventory destocking process.
October 20, 2023 | 9:49 am
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SolarEdge's shares dropped significantly due to weak Q3 FY23 results and lowered revenue outlook.
The company reported weak preliminary Q3 FY23 results and lowered its revenue outlook, which led to a significant drop in its share price.
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