Enphase Energy plunges 17% on Q3 miss & disappointing guidance

Enphase Energy (NASDAQ:) shares dropped more than 17% after-hours following the company’s reported Q3 results, with EPS of $1.02 coming in worse than the consensus estimate of $1.03. Revenue came in at $551.1 million, missing the consensus estimate of $574.86M.

The company attributes a 16% quarter-over-quarter Q3 revenue drop in the U.S. to prevailing macroeconomic conditions. Meanwhile, revenue in Europe saw a sharper decline of 34% quarter-over-quarter, due to high inventory at the company’s distribution partners along with a softening in demand in the key markets – the Netherlands, France, and Germany.

For Q4/23, the company expects revenue to be in the range of $300-$350M, significantly worse than the consensus estimate of $601.24M.