Enphase Energy, Inc. ENPH shares are trading lower in Thursday's after-hours session following the company's third-quarter earnings. Here's what's causing the price action.
What To Know: Enphase reported earnings per share of $1.02, missing the $1.03 estimate. The company posted revenue of $551.1 million, Which fell short of the $566.02 million estimate.
The company spoke in more detail about some of the revenue figures, including the approximately 34% in revenue in Europe, compared to the second-quarter.
Enphase cited high inventory at its distribution partners and softening in demand in the Netherlands, France, and Germany, its key markets.
The company anticipates fourth-quarter revenue to be between $300 million and $350 million, far short of the $601.24 million estimate.
President and CEO, Badri Kothandaraman, highlighted other developments for the company, saying, " Solargraf, our cloud-based design and proposal software platform, now provides NEM 3.0 functionality for solar and battery systems in California. We began offering 3D and shading features and continue to make progress on new features and functions. The software platform is now available to installers in the United States, Brazil, Germany, and Austria."
Also Read: Why MSP Recovery Stock Popped Today
ENPH Price Action: Shares of ENPH were down 18.2% at $78.68 in the after-hours session at the time of publication, according to Benzinga Pro.
Image by andreas160578 from Pixabay
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
