SolarEdge Technologies (NASDAQ:SEDG) stock is falling on Wednesday after the company released its earnings report for the second quarter of 2023.
The bad news for SEDG stock comes from its revenue of $991.3 million. That’s worse than the $995.89 million that Wall Street was predicting for the period, even if it is an improvement over the $727.77 million reported during the same time last year.
Zvi Lando, CEO of SolarEdge, said the following in the earnings report:
“While the U.S. residential solar market is currently seeing some headwinds primarily related to higher interest rates, we are navigating through this period by leveraging our geographic and multi-segment strengths in the solar markets and expect to benefit from the positive long-term outlook for this sector.”
Despite the revenue miss, SolarEdge did report adjusted earnings per share of $2.62. That’s above the $2.56 per share analysts were expecting. It’s also better than the 95 cents per share reported in Q2 2022.
Q3 Outlook Hampers SEDG Stock
SolarEdge Technologies’ guidance for Q3 isn’t helping SEDG stock today. The company is expecting revenue for the quarter to range from $880 million to $920 million. That would see it missing Wall Street’s revenue estimate of $1.05 billion for the quarter.
With today’s earnings report comes heavy trading of SEDG stock. As of this writing, more than 2.6 million shares have changed hands. For the record, the company’s daily average trading volume is about 1.1 million shares.
SEDG stock is down 16.7% as of Wednesday morning.
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
