We recently published Wall Street’s 10 Worst Performing Stocks. Enphase Energy, Inc. is one of the worst performers on Wednesday.
Enphase Energy fell by 14.16 percent on Wednesday to end at $36.48 apiece as investor sentiment was dampened by a weak revenue outlook for the third quarter of the year.
In a statement, Enphase Energy, Inc. said that it expects revenues for the current quarter to end as low as $330 million or increase to as high as $370 million.
Quarter-on-quarter, this would translate to expectations of either a 9 percent drop or a 1.2-percent increase.
According to Enphase Energy, Inc. remains a key headwind for the company, but said that it was exploring steps to diversify its supply chain and reduce reliance on Chinese components, where tariffs are steep.
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In the second quarter of the year, Enphase Energy, Inc. achieved a 242-percent jump in net income at $37 million versus the $10.8 million in the same period last year.
Revenues were also higher by 19.8 percent to $363 million from $303 million year-on-year.
