Enphase Energy drops 9% in premarket after weak revenue forecast
Enphase Energy shares fell over 9% in premarket trade after the company projected Q4 revenue of $310 - $350 million, below analyst estimates of $382.9 million. The solar inverter maker cited a drop in safe-harbor revenue and plans to cut shipments to reduce inventory. It also warned of a Q1 revenue decline due to expiring tax credits.