SolarEdge Stock Surges on Plan to Cut 400 More Jobs -- Barrons.com

Dow Jones

2025/01/06

Karishma Vanjani

SolarEdge Technologies, a solar power equipment maker, announced Monday that it would be slashing 400 more jobs following the dismissal of 500 workers a little more than a month ago as the company looks to save expenses amid struggles for the solar energy market.

In a 8-K filing on Monday, the company said to align with current market conditions and reduce operating expenses it expects to "reduce its headcount by approximately 400 employees globally." Most of the layoffs will be completed by the first quarter of fiscal 2025. SolarEdge said in the filing the cuts eventually will lead to a quarterly reduction in expenses of approximately $9 million to $11 million.

Back in late November, SolarEdge announced a plan to discontinue its energy storage unit and reduce head count by about 500 employees, primarily those working in South Korea. The cuts announced in November represented about 12% of its overall workforce.

The stock has lost more than 81% in value over the past year. It was up 19% to $18.23 in premarket trading on Monday.

SolarEdge, a producer and installer of technology for solar panels, and the solar sector has suffered as fewer consumers are opting for residential solar amid high interest rates and inflationary pressures.

Write to Karishma Vanjani at karishma.vanjani@dowjones.com.

This content was created by Barron's, which is operated by Dow Jones & Co. Barron's is published independently from Dow Jones Newswires and The Wall Street Journal.

(END) Dow Jones Newswires

January 06, 2025 08:49 ET (13:49 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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Barron's is published independently from Dow Jones Newswires and The Wall Street Journal. \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  January 06, 2025 08:49 ET (13:49 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU0823414478.USD","symbol_name":"法巴经典能源转换基金","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2501232316","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2501232316","pubTimestamp":1736171340,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"SolarEdge Technologies, a solar power equipment maker, announced Monday that it would be slashing 400 more jobs following the dismissal of 500 workers a little more than a month ago as the company looks to save expenses amid struggles for the solar energy market.In a 8-K filing on Monday, the company said to align with current market conditions and reduce operating expenses it expects to \"reduce its headcount by approximately 400 employees globally.\" Most of the layoffs will be completed by the first quarter of fiscal 2025. 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SolarEdge said in the filing the cuts eventually will lead to a quarterly reduction in expenses of approximately $9 million to $11 million. \n\n\n     Back in late November, SolarEdge announced a plan to discontinue its energy storage unit and reduce head count by about 500 employees, primarily those working in South Korea. The cuts announced in November represented about 12% of its overall workforce. \n\n\n     The stock has lost more than 81% in value over the past year. It was up 19% to $18.23 in premarket trading on Monday. \n\n\n     SolarEdge, a producer and installer of technology for solar panels, and the solar sector has suffered as fewer consumers are opting for residential solar amid high interest rates and inflationary pressures. \n\n\n     Write to Karishma Vanjani at  karishma.vanjani@dowjones.com. \n\n\n     This content was created by Barron's, which is operated by Dow Jones & Co. 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