SolarEdge Shares Drop 6% on Job Cut Announcement
SolarEdge Shares Drop 6% on Job Cut Announcement

SolarEdge Shares Drop 6% on Job Cut Announcement

Jan. 22, 2024, 11:26 a.m., readers: 23

SolarEdge Technologies (NASDAQ:SEDG) revealed on Sunday plans to cut its workforce by approximately 16%, affecting around 900 global employees, as part of its cost reduction efforts. Following this announcement, the company's shares increased by 6% intra-day today. This workforce reduction is in line with several other cost-cutting measures SolarEdge has recently undertaken. These include shutting down manufacturing operations in Mexico, scaling back production capacity in China, and discontinuing its light commercial vehicle e-mobility division. In November, the company had to revise its revenue forecast for the fourth quarter of 2023 downwards, attributing this to lower demand for its solar inverters. SolarEdge had initially expected Q4/23 revenue to be around $325 million, a significant decrease of 55% from Q3 and a 64% drop from the same period the previous year. However, analysts are now projecting Q4 revenue to be about $371 million, with the company likely to report a loss of $1 per share.


About NASDAQ: SEDG

S olarEdge Technologies, Inc., together with its subsidiaries, designs, develops, and sells direct current (DC) optimized inverter systems for solar photovoltaic (PV) installations worldwide. It operates through five segments: Solar, Energy Storage, e-Mobility, Critical Power, and Automation Machines. The company offers inverters, power optimizers, communication devices, and smart energy management solutions used in residential, commercial, and small utility-scale solar installations;

Price: 67.86
Market cap: 3.9 billion USD
Eps: 0.60
P/e ratio: 113.10
Terminal Research: SEDG
All news about: SEDG


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