(Bloomberg) — Shares of SolarEdge Technologies Inc. fell more than 20% after the solar equipment maker took a $1 billion writedown and warned that margins for the current quarter will be non-existent or even negative.
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Sales and earnings per share in the third quarter fell short of analysts’ expectations, according to a statement on Wednesday. Sales for the current quarter will also fall below expectations, the company said.
Shares fell 22% to $14,675 in New York, taking the year-to-date loss to 84%. Even for a historically volatile stock like SolarEdge, Wednesday’s drop was significant, representing a shift of more than two standard deviations.
The company attributed the $1.03 billion writedown to the declining value of several assets following a valuation analysis.
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