Shares of Enphase Energy Inc.
ENPH,
plunged 17.1% toward a three-year low in after-hours trading Thursday, after the solar and battery systems company missed third-quarter revenue expectations and provided current-quarter outlook that was well below forecasts, amid due a slowing economy in the U.S. and softening demand in Europe. Net income was $113.95 million, or 80 cents a share, after $114.8 million, or 80 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.02 topped the FactSet consensus of $1.01. Revenue dropped 13.2% from last year to $551.1 million, below the FactSet consensus of $565.8 million, and was down 22.5% from the second quarter with U.S. revenue down 16% and Europe revenue down 34%. For the fourth quarter, the company expects revenue of $300 million to $350 million, well below the current FactSet consensus of $579 million. The stock, which was trading at the lowest price seen during regular-session hours since October 2020, has plummeted 44.5% over the past three months through Thursday’s closing bell, while the S&P 500
SPX,
has shed 9.4%.
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