SolarEdge Technologies Stock Slips 17% On Quarterly Results

Shares of SolarEdge Technologies, Inc. (SEDG) are slipping over 17% on Wednesday morning after the company's second-quarter profit missed Street view.

SEDG is currently trading at $301.71, down $63.70 or 17.43%, on the Nasdaq, on a volume of 1.7 million shares, above average volume of 0.9 million. The stock opened its trading at $329.00 after closing Tuesday's trading at $365.41. The stock has traded between $200.86 and $389.71 in the past 52-week period.

The company reported record revenues of $727.8 million, up 52% from $480.1 million in the same quarter last year.

Net income for the quarter was $15.1 million or $0.26, down from $45.1 million or $0.82 in the same quarter last year.

Adjusted earnings for the quarter were $0.95 per share, down from $1.28 per share in the same quarter last year. Analysts polled by Thomson Reuters expected earnings of $1.39 per share for the quarter.

Looking forward to the third quarter, the company expects revenues of $810 million to $840 million. The company currently expects revenues of $820.98 million.

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