Enphase Energy Stock Slides On Q3 Earnings Miss: US Revenue Jumps, European Revenue Falls On 'Further Softening' Demand
Portfolio Pulse from Adam Eckert
Enphase Energy reported Q3 earnings that missed analyst expectations, with revenue of $380.9 million and adjusted earnings of 65 cents per share. U.S. revenue increased by 43% due to higher shipments, while European revenue fell by 15% due to softening demand. The company shipped 172.9 MWh of IQ batteries and 1,176,000 microinverters. Enphase ended the quarter with $1.77 billion in cash and expects Q4 revenue between $360 million and $400 million.
October 22, 2024 | 8:46 pm
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Enphase Energy's Q3 earnings missed expectations, with revenue at $380.9M and EPS at 65 cents. U.S. revenue rose 43%, but European revenue fell 15%. Shares dropped 7.31% after-hours.
Enphase Energy's earnings miss and the decline in European revenue are significant factors contributing to the 7.31% drop in share price after-hours. The increase in U.S. revenue is a positive, but the overall miss on earnings and revenue expectations is likely to weigh on the stock in the short term.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100