Enphase Energy (NASDAQ:ENPH) stock is falling hard on Wednesday following the release of its earnings report for the first quarter of 2023.
In the earnings report, Enphase outlines its outlook for the second quarter of the year. Unfortunately, its revenue guidance of $700 million to $750 million failed to impress investors. That makes sense when you consider Wall Street’s revenue estimate of $772.82 million for Q2.
Enphase Energy didn’t give a reason for its lackluster revenue guidance for Q2 2023. The company also didn’t provide investors with an outlook for its adjusted EPS during the quarter.
That’s a shame, considering the renewable energy technology company’s adjusted EPS of $1.37 and revenue of $726 million for Q1. Both of these figures came in better than analysts’ estimates of $1.22 per share and $723 million.
For further comparison, the company’s EPS and revenue also experienced major gains year-over-year (YOY). That includes EPS rising 73% from the 79 cents reported in Q1 2022 and revenue increasing 64% from $441.29 million.
ENPH Stock Reactions Today
Despite the mixed earnings report, shares of ENPH stock aren’t undergoing heavy trading on Wednesday morning. As of this writing, only about 575,000 shares have changed hands. To put that in perspective, the company’s daily average trading volume is well above that at 3.9 million shares.
ENPH stock is down 19.3% during pre-market trading on Wednesday.
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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.
