Shares of Enphase (NASDAQ:ENPH) cratered in after-hours trading after the company reported earnings for its third quarter of Fiscal Year 2023. Earnings per share came in at $1.02, which beat analysts’ consensus estimate of $1.01 per share. Sales decreased by 13.2% year-over-year, with revenue hitting $551.1 million. This missed analysts’ expectations by over $15 million.
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Looking forward, management now expects revenue and non-GAAP gross margin for Q4 2023 to be in the ranges of $300 million to $350 million and 48% to 51%, respectively. This was a huge miss, as analysts were expecting $571.8 million in revenue.
Is Enphase a Buy or Sell?
Turning to Wall Street, analysts have a Moderate Buy consensus rating on ENPH stock based on 15 Buys, 10 Holds, and one Sell assigned in the past three months, as indicated by the graphic below. However, it’ll be interesting to see how this changes following today’s guidance.
