Why Enphase Energy Stock Jumped 22.1% This Week
Shares of solar energy company Enphase Energy (NASDAQ: ENPH) jumped as much as 22.3% in trading this week after the release of fourth-quarter 2023 financial results and are heading higher near the end of the week. According to data provided by S&P Global Market Intelligence, shares are up 22.1% for the week as of 1:30 p.m. ET, and it looks like the turnaround is on for the company.
The quarterly numbers themselves weren't good. Revenue dropped 58% from a year ago to $302.6 million and net income fell 86% to $20.9 million, or $0.15 per share. Worse yet, management expects revenue to fall to between $260 million and $300 million in the first quarter of 2024.
What's more encouraging is management predicting that revenue would bottom in the next two quarters and pick up in the back half of 2024. It's not entirely clear how quickly demand will pick up, but California and Europe appear to be hitting a low and will eventually adjust to higher interest rates and recent policy changes. And that was enough to send shares higher.
Source Fool.com
