Shares of Enphase (NASDAQ:ENPH) plunged more than 13% at the time of writing in after-hours trading after the company reported earnings for its second quarter of Fiscal Year 2023. Earnings per share came in at $1.47, which beat analysts’ consensus estimate of $1.28 per share.
Sales increased by 34.1% year-over-year, with revenue hitting $711.12 million. This missed analysts’ expectations by $14.86 million.
Looking forward, management now expects revenue and gross margins for Q3 2023 to be in the ranges of $550 million to $600 million and 41% to 44%, respectively. For reference, analysts were expecting $743.6 million in revenue.
Overall, Wall Street has a consensus price target of $240.94 on ENPH stock, implying 44.45% upside potential, as indicated by the graphic above.
