SolarEdge Technologies (SEDG) shares plummeted after the solar power equipment provider warned of lower-than-expected quart𝕴erly results because of a plunge in demand in Europe. Shares of other firms in the industry sank as well.

SolarEdge CEO Zvi Lando indicated that during the second part of the quarter, the firm experienced “substantial unexpected cancellations and pushouts of existing backlog from our European distributors.” He also noted that installation rates at the end♋ of summer and last month were much slower than usua💟l, when rates normally jump.

Because of that, the company is slashing its third quarter guidance. SolarEdge now anticipates revenue between $720 million and $730 million, down from its previous outlook of $880 million to $920 million. It expects 澳洲幸运5开奖号码历史查询:gross margin of 20.1% to 21.1%, compared to the earlier estimate of 28% to 31%, and 澳洲幸运5开奖号码历史查询:operating income of $12 million to $31 million, significantly low🐷er than the prior projection of $115 million to $135 million.

SolarEdge’s headquarters is situated in Herzliya, Israel, and Lando explained that the updated guidance was not the result of the effects of ongoing fighting between Israel and Hamas that began Oct. 7. He added that while there has been some impaꦫct to daily routines at its headquarters, the company’s offices and facilities are open worldwide, and are manufacturing and providing customer support without interruption. 

SolarEdge🐟 is scheduled to release its finan♒cial report on Nov. 1. 

SolarEdge Technologies was the worst-performing stock in the S&P 500 on Friday morning, with shares down over 30% as of 10:30 a.m. ET, falling to their lowest level since the outbreak of the COVID-19 pandemic in 2020.