The job cut will affect around 900 employees, of whom 500 work in the company’s various manufacturing sites.

The reduction follows other measures the company took, including discontinuation of manufacturing in Mexico, reduction of manufacturing capacity in China, and termination of its light commercial vehicle e-mobility activity. 

Zvi Lando, Chief Executive Officer, said, “We remain confident in the long-term growth of the solar energy market and our leading position in the smart energy space. These changes do not impact our strategic direction and priorities and we remain committed to continue to drive the renewable energy transformation, while providing best in class technology and support to our customers.”

The company plans to provide further details on the same in the earnings release expected by the end of February 2024.

Also Read: FY24 Election Is A Major Game Changer For US Renewable Sector: Piper Analyst

In Q3, SolarEdge reported Q3 revenue of $725.3 million, which was down 27% Y/Y and came in below estimates of $768.38 million and reported a quarterly loss of 55 cents per share, which was well below the 91 cents in earnings from last year.

Price Action: SEDG shares are up 6.50% at $73.60 premarket on the last check Monday.