SolarEdge Technologies Inc (NASDAQ: SEDG) said on Monday that it intended to dismiss 400 employees, with 200 of them being based in Israel, as it seeks to restore profitability.
The move is to affect all departments and includes cuts in both headcount and discretionary spending, the company said.
As of December 31st 2023, SolarEdge Technologies had 5,633 employees, a regulatory filing showed.
The decision came as a result of a downturn in the market at the end of last year and the beginning of 2024, which has caused excess inventory.
Stock Performance
The shares of SolarEdge Technologies Inc (SEDG) closed 15.36% ($4.86) lower at $26.79 on Nasdaq on Monday, as they snapped a three-day streak of gains.
It has been the stock’s steepest single-session loss since June 25th.
The company’s total market cap now stands at $1.521 billion.
The shares of SolarEdge Technologies Inc (SEDG) went down 66.96% in 2023, compared with a 43.42% gain for the benchmark index, Nasdaq Composite (IXIC).
The company’s shares have retreated 71.38% so far this year.
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