Shares of solar energy solutions provider SolarEdge Technologies, Inc. (SEDG) are falling more than 25% Friday morning after the company slashed its third-quarter outlook.
Third quarter revenue is now expected to be in the range of $720 million-$730 million, down from the previous outlook of $880 million – $920 million. The consensus estimate of analysts polled by Thomson-Reuters stands at $883.51 million.
In the second quarter, inventory levels were higher than expected while installation rates declined due to unforeseen cancellations and pushouts of existing backlog from European distributors, the company said.
Additionally, SolarEdge sees significantly lower revenues in the fourth quarter also, due to continued inventory destocking process.
SEDG, currently at $83.29, touched a new low of $72.37 this morning.
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