Why Enphase Stock Is Plummeting Today
Enphase Energy (NASDAQ: ENPH) delivered mixed second-quarter results after the market closed Thursday, beating expectations on the top line but coming up short on the bottom line. Management's lackluster guidance for the third quarter, as well as a tide of bearish sentiment from analysts, are also pressuring the renewable energy stock Friday.
As of 11:56 a.m. ET, shares of Enphase were down by 9.6%.
Reporting $711.1 million on the top of the income statement for Q2, Enphase failed to meet analysts' consensus revenue estimate of $722.1 million. What investors found even more disheartening, though, is what the company foresees for the third quarter. Management projects Q3 revenue in the $550 million to $600 million range -- notably lower than the $748.1 million that analysts expect.
Source Fool.com
