SolarEdge (NASDAQ:SEDG) layoffs are a hot topic among traders on Monday as the solar photovoltaic company reveals plans to cut 16% of its workforce.

According to a press release from SolarEdge, these layoffs will affect 900 of the company’s employees. That includes 500 workers from across its various manufacturing sites.

SolarEdge notes that these layoffs are part of its efforts to reduce operating expenses while bettering aligning its cost structure to current market demands. This comes after the company exited manufacturing in Mexico and reduced its manufacturing in China. It also eliminated its light commercial vehicle e-mobility activity.

SolarEdge CEO Zvi Lando said the following about the layoffs:

“We remain confident in the long-term growth of the solar energy market and our leading position in the smart energy space. These changes do not impact our strategic direction and priorities and we remain committed to continue to drive the renewable energy transformation, while providing best in class technology and support to our customers.”

SolarEdge Joins Layoffs Trend

There have been a large number of layoffs announced in the first month of 2024 as companies reevaluate their headcounts. That has seen many major players across several sectors cut jobs to reduce costs.

Investors will keep in mind that high inflation and interest rates have been a concern for businesses. That means we’re likely to see more layoff announcements in the coming weeks.

SEDG stock is up 5.8% as of Monday morning with some 3 million shares changing hands. For the record, its daily average trading volume is below that at 331,000 shares.

Investors looking for more of the most recent stock market stories are in luck!

We have all of the latest stock market news worth reading about on Monday! Among that is what has shares of Nio (NYSE:NIO), Cartesian Therapeutics (NASDAQ:RNAC) and B. Riley Financial (NASDAQ:RILY) stock moving today. You can catch up on all of this news at the links below!

More Monday Stock Market News

• Why Is NIO Stock Down Today?
• Why Is Cartesian Therapeutics (RNAC) Stock Down 5% Today?
• Why Is B. Riley Financial (RILY) Stock Down 11% Today?

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.