SolarEdge Technologies shares tumbled nearly 19% following the weak earnings guidance provided by the company for the third quarter.
Alongside its financial report, the maker of photovoltaic arrays announced a joint venture with Saudi Arabian smart energy company Ajlan & Bros Holding.
This collaboration aims to support the deployment of smart renewable energy solutions in Saudi Arabia, aligning with the Saudi Vision 2030 initiative to diminish the country's dependence on oil.
However, the focus of the wider investing audience was on the financial guidance provided by the business as the stock $44.80 to $195.97 in morning trade.
Though SolarEdge's Q2 2023 revenue of $991 million marked a 36% increase over the corresponding quarter of 2022, the forecast for Q3 revenue fell short of analysts' expectations, landing between $880-920 million.
This range is 5.1%-9.9% higher than the same quarter last year but below the anticipated $1 billion.