Why Enphase Energy Stock Is Plummeting Today
Enphase Energy (NASDAQ: ENPH) stock is sinking in Friday's trading. The solar energy and battery tech company's share price was down 15.2% as of 10:45 a.m. ET, according to data from S&P Global Market Intelligence.
Enphase published its third-quarter results after the market close yesterday, announcing earnings that beat the market's expectations, but sales that fell short of Wall Street's target. While the Q3 sales miss was concerning, investors are likely even more worried about the company's forward guidance.
Enphase reported non-GAAP (adjusted) earnings per share of $1.02 in the third quarter, beating the average analyst estimate's call for per-share earnings of $1 in the period. On the other hand, sales came in at $551.08 million and missed the average analyst estimate's revenue target by $15.72 million. Revenue was down roughly 13% year over year in the quarter.
Source Fool.com
