SolarEdge Drops More Than 20% as Writedown, Forecast Disappoint

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(Bloomberg) — SolarEdge Technologies Inc.’s shares plunged more than 20% after the solar-equipment maker took a $1 billion writedown and warned margins for the current quarter will be non-existent or even negative.

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Third-quarter sales and per-share profit underperformed analysts’ estimates, according to a statement Wednesday. Current-quarter revenue also will fall below expectations, the company said.

The shares fell 22% to $14.675 in New York, extending the year-to-date loss to 84%. Even for a historically volatile stock like SolarEdge, Wednesday’s decline was significant, representing a shift of more than two standard deviations.

The company attributed the $1.03 billion writedown to the declining value of various assets after a valuation analysis.

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Patricia Allen is a writer who loves to travel and explore new places. She's also passionate about fashion and style, so she often writes about cars and fashion on her blog. She earned her degree in English Literature from Stanford University, where she studied under some of the most renowned writers of our time. After graduating, she moved to New York City to pursue her career as a writer. She has since written for several publications on topics ranging from arts to automotive news.

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