Enphase Energy Q1 Earnings: Revenue, EPS Come In Below Estimates Amid 'Softening' US Demand
Portfolio Pulse from Adam Eckert
Enphase Energy Inc (NASDAQ:ENPH) reported Q1 earnings with revenue and EPS below estimates due to softening US demand. Revenue was $263.3 million against estimates of $281.95 million, and EPS was 35 cents, missing the 40 cents estimate. US revenue dropped 34% year-over-year, while Europe saw a 70% increase. The company anticipates Q2 revenue between $290 million and $330 million, below the expected $350.706 million, with a gross margin of 42% to 45%. Shares fell 5.14% after hours to $107.65.
April 23, 2024 | 8:55 pm
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Enphase Energy's Q1 earnings missed estimates with a significant drop in US demand, and the Q2 outlook is weaker than expected.
The miss in both revenue and EPS for Q1, coupled with a disappointing Q2 revenue forecast, directly impacts investor sentiment and stock price. The significant drop in US demand and the company's cautious outlook suggest potential challenges ahead, leading to a negative short-term impact on ENPH's stock price.
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