The company predicted fourth-quarter sales of $300 million to $350 million, while analysts had expected $579 million.
Enphase Energy projected that the current slowdown in solar-product sales would last through the first quarter of 2024, sending the stock down 17% in aftermarket trading.
But management’s forecast for fourth-quarter sales was disappointing, showing that solar power is still in a significant rut. Enphase projected sales of $300 million to $350 million, well below analysts’ expectations for $579 million. “We have seen a substantial demand reduction in Europe,” he said on the company’s earnings call. Enphase’s competitor SolarEdge said last week that its European sales would be disappointing.
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