SolarEdge Drops More Than 20% as Writedown, Forecast Disappoint
(Bloomberg) -- SolarEdge Technologies Inc.’s shares plunged more than 20% after the solar-equipment maker took a $1 billion writedown and warned margins for the current quarter will be non-existent or even negative.
Third-quarter sales and per-share profit underperformed analysts’ estimates, according to a statement Wednesday. Current-quarter revenue also will fall below expectations, the company said.
The shares fell 22% to $14.675 in New York, extending the year-to-date loss to 84%. Even for a historically volatile stock like SolarEdge, Wednesday’s decline was significant, representing a shift of more than two standard deviations.
The company attributed the $1.03 billion writedown to the declining value of various assets after a valuation analysis.
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