(Bloomberg)– SolarEdge Technologies Inc.’s shares dove greater than 20% after the solar-equipment manufacturer took a $1 billion writedown and cautioned margins for the existing quarter will certainly be non-existent or perhaps adverse.
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Third- quarter sales and per-share earnings underperformed experts’ quotes, according to a declarationWednesday Current- quarter income additionally will certainly drop listed below assumptions, the business stated.
The shares dropped 22% to $14.675 in New York, expanding the year-to-date loss to 84%. Even for a traditionally unstable supply like SolarEdge, Wednesday’s decrease was considerable, standing for a change of greater than 2 basic discrepancies.
The business associated the $1.03 billion writedown to the decreasing worth of different possessions after an appraisal evaluation.
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