Why Enphase Energy Stock Surged Today
Shares of Enphase Energy (NASDAQ: ENPH) climbed 18% on Wednesday after the provider of solar power components reported impressive second-quarter growth metrics.
Enphase's revenue rose 20% sequentially to $530.2 million. The energy technology company shipped 18% more microinverters and 10% more battery systems compared to the first quarter.
Enphase's growth in international markets was particularly strong. Revenue in its Europe segment soared 69%. Conflict in the region -- and Russia's decision to reduce natural gas shipments -- are driving many countries to seek out alternative energy sources. Due in part to this trend, international sales could comprise 50% of Enphase's total revenue in the coming years, up from 20% today, according to CEO Badri Kothandaraman.
Source Fool.com
