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Enphase posts record quarter. Stock slides on chip shortage pains

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Solaray Director Jonathan Fisk moves a solar panel at the solar power installation company’s Sydney facility.

Jason Reed | Reuters

Shares of Enphase Energy dipped more than 14% on Wednesday after the company warned about the ongoing impacts of the chip shortage.

For the first quarter the company, which makes microinverters for solar systems, beat top and bottom line estimates while also reporting record sales numbers. But weak second-quarter guidance sent shares tumbling.

Enphase expects sales to come in between $300 million and $320 million during the second quarter, compared to Street projections of $320.7 million, according to estimates compiled by FactSet.

“Looking to Q2, our shipment…



Source cnbc.com

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