Enphase stock falls more than 14% after disappointing revenue outlook
Shares of Enphase Energy Inc.
dropped more than 15% in the extended session Tuesday after the energy technology company reported first-quarter earnings that beat Wall Street expectations but called for lower-than-expected revenue in the current quarter. Enphase earned $146.9 million, or $1.02 a share, in the first quarter, compared with $52 million, or 37 cents a share, in the year-ago period. Adjusted for one-time items, the company earned $1.37 a share. Revenue rose to $726 million from $441 million a year ago.
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