SolarEdge shares plummet as Q4 guidance disappoints
SolarEdge shares plunged over 20% in after-hours trading after the solar product manufacturer provided weak guidance for its fourth quarter, citing struggles in the renewable energy sector. The company reported a loss per share of 55 cents, better than the expected 89 cents per share, but fell short of revenue expectations with $725 million compared to the estimated $768 million. SolarEdge expects revenue for the current quarter to be between $300 million and $350 million, significantly below analysts' estimate of $688 million. The solar sector has been facing challenges due to a slow market environment and declining installation rates for solar panels.