SolarEdge to cut 16% of workforce as revenues slide – report (NASDAQ:SEDG)

SolarEdge Technologies (NASDAQ:SEDG) plans to lay off 900 employees, or ~16% of its total workforce of 5,500, with 550 workers in Israel among the cuts, Calcalist reported Sunday.

The company, whose market valuation has plunged 80% in the past year, is expecting Q4 2023 revenues to decline 55% to ~$325M from Q3, which were 27% less than in Q2.

SolarEdge (SEDG) stock has dropped 25% in the first three weeks of the new year; seeing a tough road to recovery for sales, margins and market share, Barclays downgraded shares last week to Underweight from Equal Weight with a $50 price target.