Weak Q4 forecast sends SolarEdge stock down in pre-market trading

SolarEdge stock plunges in pre-market trading on Wall Street after a weak Q4 forecast: revenue of $245-275 million, below analyst expectations. The company is laying off 200 employees and narrowing losses in Q3.

SolarEdge stock is falling in pre-market trading on Wall Street after publishing a weak Q4 forecast. The company expects revenue of $245-275 million, significantly below analyst expectations of around $318 million. In Q3, SolarEdge reported revenue of $326 million, a 4.1% decline compared to the same quarter last year, and a net loss of $8.4 million, narrowing from $50.1 million last year. CEO Shuki Nir stated that the company is taking decisive steps to reduce costs and accelerating efforts in the AI server farm market. The company is laying off about 200 employees. SolarEdge stock has lost 58% since its peak in June.