SolarEdge Technologies Inc. said Sunday it will lay off about 16% of its workforce, about 900 employees, as part of a restructuring to cut operating costs.
“We have made a very difficult, but necessary decision to implement workforce reductions and other cost-cutting measures in order to align our cost structure with rapidly changing market dynamics,” CEO Zvi Landau said in a statement.
SolarEdge said about 500 of the layoffs will occur at its manufacturing sites. The Israel-based solar company had previously ended manufacturing in Mexico, reduced its manufacturing capacity in China and abandoned plans to build a light commercial vehicle.
SolarEdge said it will provide more details about the restructuring in its next earnings statement, expected by the end of February.
SolarEdge participates in SEDG,
They're down 77% over the past 12 months, and in November the company swung to a surprise loss in the third quarter, citing a slowdown in solar installations. At the time, it also expected a sharp decline in sales in the current quarter.
Solar stocks have taken a hit over the past year, as solar panel companies face weaker demand amid rising interest rates. Sun Run Company
is down about 50% over the past 12 months, while Enphase Energy Inc. ENPH,
53% off and SunPower Corp.SPWR,
sunk by 81%
