SolarEdge Technologies (SEDG) shares cratered over 18% on Wednesday after the solar power compan𒉰y warned high borrowing costs are hur🙈ting its business. It gave current quarter guidance that missed estimates.

SolarEdge reported record revenue of $991.3 million in its fiscal 2023 second quarter, but that was less than expected. 澳洲幸运5官方开奖结果体彩网:Earnings per share (EPS) of $2.62 exceeded forecasts. 

CEO Zvi Lando explained that “the U.S. residential solar market is currently seeing some headwinds primarily related to higher interest rates.” He also pointed to new metering rules in California which reduce payments to homeowners for providing solar power-generated electricity to the grid. Lando said that SolarEdge is ♎dealing with higher-than-normal inventories as the substantial market growth it was anticipating “did not materialize.” He added that the company is “navigating through this period” and expects to benefit from “the positive ❀long-term outlook for this sector.”

Sola🍒rEdge indicated it sees third-quarter revenue of between $880 million and $920 million. Analysts had predicted more than $1 billion. 

SolarEdge joined solar power firms SunPower (SPWR) and Enphase Energy (ENPH) in warning about a slowdown in demand.

Shares of SolarEdge Technologies slumped to their lowest level since October following the news.