(RTTNews) - SolarEdge Technologies, Inc. (SEDG), an energy solutions provider, announced Monday its plan to cut around 400 jobs, of which 200 are in Israel. The action is to reduce expenses as the company has been reporting decreased revenue due to weak demand.
The company said it expects a reduction in both headcount and discretionary spending.
A downturn of the market at the end of 2023 and the start of 2024 has resulted in excess inventories.
In a letter to the employees, Zvi Lando, CEO of SolarEdage, said: "Our underlying business is also impacted by the current downturn in the solar industry, particularly in Europe where, as evident in market analysts' reports, PV installation rates are increasing slower than expected..."
SEDG was trading down by 7.24 percent at $29.36 in the pre-market trade on the Nasdaq.
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