SolarEdge to cut 16% of workforce as revenues slide – report

SolarEdge Technologies (NASDAQ:SEDG) is set to reduce its workforce by 16%, a move that will result in the layoff of 900 employees, including 550 workers in Israel, according to a report by Calcalist on Sunday.

The company, which has seen an 80% decline in market valuation over the past year, anticipates a significant decrease in Q4 2023 revenues, with a projected 55% decline to approximately $325 million from Q3. This follows a 27% reduction from Q2.

The challenging financial situation for SolarEdge is evidenced by the 25% drop in SolarEdge (SEDG) stock in the first three weeks of the new year, prompting Barclays to downgrade shares last week to Underweight from Equal Weight with a $50 price target, reflecting a tough path to recovery for sales, margins, and market share.