Enphase Energy sinks more than 10% on Q1 revenue and earnings miss

Key Concepts:

• Enphase Energy Earnings
• Q1 2024 Performance
• EPS (Earnings Per Share)
• Revenue
• Gross Margin
• Q2 2024 Guidance
• Wall Street Estimates

Enphase Energy Q1 2024 Earnings Report:

Enphase Energy's Q1 2024 earnings report was released, revealing a miss on both the top and bottom lines.

• EPS: Enphase reported an EPS of $0.68, which was $0.02 short of the estimated $0.70.
• Revenue: The company's revenue reached $356 million, falling short of the expected $360.9 million.
• Gross Margin: The gross margin was 47.2%, which was also considered disappointing.

Q2 2024 Guidance:

Enphase provided guidance for Q2 2024, which also fell short of Wall Street expectations.

• Revenue Guidance: The company projects revenue between $340 million and $380 million.
• Wall Street Expectations: Analysts were anticipating revenue of $376 million for Q2.

Market Reaction:

The stock price of Enphase Energy is declining following the release of the disappointing earnings report and guidance.