SolarEdge Stock Sinks 14% as Residential Slowdown and Rising Rates Dent Renewables Demand
• SolarEdge stock drops 14% on weak revenue outlook due to slowing residential demand and growing inventories • Company cites "abrupt slowdown in demand" in 2H 2022, notes weakness in Europe and US residential markets • Higher interest rates impacted renewables sector; most US residential solar systems are financed • Policy change in California reduced incentives, contributing to installation weakness • Company expects gradual recovery in Europe, inventory clearing; announces 16% workforce cuts