Stock Track | Enphase Energy Plummets 6.43% on Persisting Demand Woes, Supply Chain Disruptions

Stock Track11-16

Enphase Energy (ENPH) stock plummeted 6.43% in intraday trading on Friday, underperforming the broader market, as the company continues to grapple with sluggish demand and supply chain disruptions.

The solar microinverter manufacturer has been facing a dismal demand environment in the United States and Europe, adversely impacting its product sales and operational results. The company's third-quarter revenues plunged 30.9% year-over-year due to a 56% decline in microinverter shipment.

In the US, higher interest rates, high channel inventory, and the transition from Net Energy Metering 2.0 to 3.0 in California have increased payback periods for Enphase's customers, slowing demand. Meanwhile, in Europe, softer customer demand and policy changes have further exacerbated the demand slowdown.

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