Why SolarEdge Stock Plunged 20% Today
Shares of SolarEdge Technologies (NASDAQ: SEDG) fell by as much as 20% in trading on Wednesday after the company released its second-quarter results. Shares were still down by 17.4% at 3:00 p.m. ET, and showed no signs of recovering.
The solar energy company's revenue rose from $727.8 million a year ago to $991.3 million. Its non-GAAP gross margin was 32.7%, up from 27.3% a year ago, and its non-GAAP operating income was $191.0 million. It booked a cash-flow-from-operations loss of $88.7 million, due in part to a $110 million increase in inventory.
For the third quarter, management expects revenues in the range of $880 million to $920 million with a non-GAAP gross margin of 28% to 31% and non-GAAP operating income of $115 million to $135 million.
Source Fool.com
