Enphase Energy Inc.’s stock took a significant hit in extended trading on Thursday, plummeting over 15%, as the company revealed lower-than-expected quarterly revenue figures and a discouraging forecast.
Q2 Financial Results
Enphase disclosed a net income of $157.2 million, or $1.09 per share, for the fiscal second quarter. This showcased a substantial increase from the year-ago quarter, where net income stood at $76.9 million, or 54 cents per share. Adjusted earnings were reported at $1.47 per share. The company’s revenue for the quarter came in at $711.1 million, compared to $530.2 million in the previous year.
Disappointing Q3 Guidance
Despite the promising improvements in net income and revenue, Enphase’s third-quarter guidance disappointed analysts. The company expects its revenue for Q3 to fall within the range of $555 million and $600 million, which is notably lower than the $749 million forecast made by FactSet analysts.
Following this news, Enphase’s stock has experienced a significant decline of 37% year-to-date. In contrast, the broader S&P 500 index has achieved an 18% increase during the same period.