Enphase Energy Shares Drop Over 15% Following Q3 Earnings Miss and Weak Guidance
Enphase Energy (ENPH) shares plummeted in morning trading after the company reported third-quarter earnings that missed analyst expectations on both top and bottom lines. The solar microinverter manufacturer reported non-GAAP earnings of $0.41 per share against an expected $0.51, while revenue fell 28.5% year-over-year to $293.3 million. The company attributed the downturn to soft residential solar demand in the United States and seasonal weakness in European markets. Management provided cautious guidance for the fourth quarter, projecting a sequential decline in sales to approximately $240 million and further gross margin compression below 40%. This outlook suggests that cost-cutting measures may no longer be sufficient to offset declining revenues.
Tickers: $ENPH
Topics: earnings miss guidance revenue decline solar energy stock price drop