Solaredge Technologies (NASDAQ:SEDG) stock is falling hard on Wednesday after the company solar power panel company posted its fourth quarter of 2023 earnings report.
The bad news for SEDG stockholders comes from the company’s outlook for the first quarter of 2024. This has it expecting to range from $175 million to $215 million. That would see it missing Wall Street’s revenue estimate of $406.29 million for the quarter.
Solaredge Technologies CEO Zvi Lando provided some insight into the company’s struggles in its latest earnings report:
“The first half of 2023 included record installations and expectations for continued growth, with a shift in the second half of the year to a weaker market due to higher interest rates and lower power prices, which resulted in an inventory buildup that slowed our shipments.”
Mixed Earnings Hit SEDG Stock
Not helping Solaredge Technologies stock today is its adjusted EPS of -92 cents and revenue of $316.04 million. While its EPS is better than Wall Street’s estimate of -$1.34 for the quarter, its revenue came in below analysts’ expectation of $325 million.
With all of this news comes some 800,000 shares of SEDG stock changing hands. That’s still a ways off from its daily average trading volume of about 3 million shares.
SEDG stock is down 15.9% as of Wednesday morning.
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On the date of publication, William White did not have (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.
