Why SolarEdge Stock Plummeted Today
Shares of SolarEdge Technologies (NASDAQ: SEDG), a smart energy-technology company, fell hard today after the company reported worse-than-anticipated second-quarter results that missed analysts' top-line consensus estimate.
As a result, the tech stock was down by 17.4% as of 12:59 p.m. ET on Wednesday.
SolarEdge's revenue increased by 11% to $727.8 million in the quarter, which was better than Wall Street's consensus estimate of $725.2 million. But investors ignored the company's sales and instead focused on SolarEdge's adjusted earnings per share of $0.95, which were down from $1.20 in the year-ago quarter and far below analysts' average estimate of $1.39.
Source Fool.com
