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Enphase revenue and profits soar as guidance disappoints

Enphase (NASDAQ: ENPH), the giant energy technology company, announced stronger-than-expected results. The company’s revenue and profits were better than expected. Revenue jumped to $726 million while its GAAP gross margin rose to 45%.

Further, the company’s profitability jumped, as the net income rose to $146.9 million while its free cash flow came in at $223.8 million. The company’s cash and short-term investments increased to over $1.78 billion during the quarter.

However, the Enphase stock price crashed by more than 15% in the pre-market after the firm delivered lower forward guidance. It now expects that its gross margin will be between 41% and 44% while its revenue will be between $700 million and $750 million. Analysts were expecting the company’s revenue and profits to be much higher. The statement added:

“We exited the first quarter of 2023 with $1.78 billion in cash, cash equivalents, and marketable securities and generated $246.2 million in cash flow from operations in the first quarter of 2023. Our capital expenditures were $22.5 million in the first quarter of 2023.”

Enphase has been in a strong growth path in the past few years. The company’s annual revenue has jumped from $232 million in 2013 to over $2.3 billion. It has also become highly profitable as its net profit has jumped from $161 million in 2019 to over $397 million in 2022. This happened as the amount of solar panels installed in the US jumped.

The post Enphase revenue and profits soar as guidance disappoints appeared first on Invezz.

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