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SolarEdge Stock Swoons As 'Excess Inventory' Leads To Layoffs
SolarEdge Technologies (SEDG) Is Cu...
Investopedia
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SolarEdge Technologies (SEDG) is cutting 400 employees from its workforce thanks to an inventory backlog and declining revenue, according to a Securities and Exchange Commission (SEC) filing Monday.
Half the job cuts will occur in Israel, where the company is based. The company had 5,633 employees as of Dec. 31, 2023.
In a letter to employees, Chief Executive Officer (CEO) Zvi Lando cited “an accumulation of excess inventory,” adding that solar installation rates are rising slower than expected in Europe.
Comparatively, Lando expressed more optimism about North America.
“In North America, we are beginning to see some slight growth in installation rates, and we continue to ramp up our U.S. manufacturing capacity,” Lando said. “This is a major opportunity both for SolarEdge and for our customers.”
SolarEdge stock slumped 15% to $26.90 as of 1:53 p.m. ET Monday, and is down more than 70% so far in 2024.
A chunk of that decline came late last month after SolarEdge announced that one of its customers had filed for Chapter 7 bankruptcy and likely wouldn’t be able to pay its multimillion-dollar debt.
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Instablog9ja
2 hrs
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Gov. Babajide Sanwo-Olu has rocked NYSC uniform, as he gifted Lagos corpers N100,000 each during their passing-out-parade.
Governor of Lagos State, Mr Babajide sanwoolu was at the temporary site of the Lagos state orientation camp for Corper to inspect the orientation of the 2024 batch B stream 1 and has made some announcements today at the Lagos NYSC Camp:
1. A Sum of N5b for the construction of a new Permanent Site for Lagos NYSC Camp
2. A sum of N100,000 for each Youth Corper passing out today (to be delivered next week directly into their accounts)
3. Automatic Employment into the Lagos Public Service for the best 100 Corpers after service year (for this batch) and a 32-Seater Hyundai Bus (delivered already today)
Click to watch
Instablog9ja
3 hrs
10
VeryDarkMan has subtly claimed to be behind the arrest of businessman Blord over allegations of cryptocurrency fra¥d, aiding internet fra¥d, computer-related fra¥d, t3rrorism funding and others
He said he thought he had influence. When he come out of police detention, he’ll learn to be humble, because he complained to him about his customer service and he was ins¥lting him instead of working on what he complained about.
Click to watch
Instablog9ja
4 hrs
15
NPF PRO, Olumuyiwa Adejobi, has confirmed the arrest of businessman BLord over allegations of cryptocurrency fra¥d, aiding internet fra¥d, computer-related fra¥d, t3rrorism funding, others.
The FCID (NPF-NCCC) is currently investigating complaints lodged against BLORD GROUP, BLORD REAL ESTATE LTD, BLORD JETPAYE LIMITED, and BILLPOINT TECHNOLOGY. These offences include allegations bothering on cryptocurrency fra¥d, aiding internet fra¥d, computer-related fra¥d, t£rrorism funding, and non-compliance with regulatory frameworks.
We will do due diligence in our investigations. Our cyber space in Nigeria must be safe and secured by all means. We are committed to achieving that.
Instablog9ja
5 hrs
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Wizkid’s third son, Zion, has penned an adorable message to him on his 34th birthday.
He said words cannot adequately convey the d£pth of love and gratitude for you. Happy birthday.
Instablog9ja
6 hrs
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The Osun State Government has issued an urgent alert to the public regarding a security breach involving one of the telephone numbers of Governor Ademola Adeleke.
Members of the public are urged to ignore communications from the compromised number, +234 803 365 ****, which has been hacked, prompting an urgent public alert. In an official statement, Mallam Olawale Rasheed, spokesperson to the Governor, advised the public to ignore any calls or messages originating from the compromised number. “Please disregard any solicitation from +234 803 365 ****,”
Rasheed stated. “Appropriate action is ongoing to remedy the situation.”
Authorities are currently investigating the breach and are working diligently to secure the Governor’s communication lines. The public is urged to remain vigilant and report any suspicious activities to the relevant authorities.
