The shares of SolarEdgeDue to the company’s recent announcement, extended trading saw prices fall as low as 8% on Tuesday third-quarter earnings resultsThe following is the. SolarEdge saw record revenues for this period but it fell short of the expectations, sending the stock plummeting.

The company makes specialized inverters — often referred to as the brains of a solar system – that are connected to each solar module, which increases the system’s energy output.

The company’s performance compared to analyst expectations is shown below, as collected by Refinitiv.

• Earnings 1:45 per share adjusted
• Revenue $526 million vs $528 million expected

Wall Street analysts expected the company would earn $1.36 per shares. The reported figure is not comparable with estimates.

Comparatively, the third quarter results were $1.28 per share for revenue of $480 millions in Q2 and $1.21 for revenue of $338million in the previous year.

Solar segment revenue grew 11% to $476.8 millions quarter-over quarter, while year-over year it climbed 53%.

SolarEdge stated that it expected fourth quarter revenue between $530 million to $560 million. StreetAccount estimated that Wall Street analysts wanted $554million.

Company continues to suffer from supply chain bottlenecks and stated that it left the last quarter with a “record-breaking backlog” for 2021’s fourth quarter and the next quarter. Management said that there had been some improvement in supply chain tensions during its second quarter conference call.

Following SolarEdge’s third-quarter results, Zvi Lando, CEO of SolarEdge said that the company was pleased with its record revenue in the quarter. This is despite unprecedented supply chain and logistics challenges. He also stated that the Covid-related problems forced the closure of a Vietnam manufacturing plant for twelve weeks.