SolarEdge Technologies Inc. (NASDAQ: SEDG) saw its stock soar 5.42% in pre-market trading on Tuesday following the release of its first-quarter financial results that exceeded analyst expectations. The solar energy technology company demonstrated resilience in a challenging market environment.
According to the earnings report, SolarEdge posted an adjusted earnings per share (EPS) loss of $1.14, slightly better than the $1.16 loss per share analysts had forecast. The company's adjusted net income came in at a loss of $66.1 million, outperforming the estimated loss of $69.9 million. Additionally, SolarEdge reported an adjusted operating loss of $72.4 million, significantly better than the expected loss of $89.9 million.
While the company still reported losses, the better-than-anticipated results seem to have boosted investor confidence. The market's positive reaction suggests that traders are optimistic about SolarEdge's ability to navigate the current headwinds in the solar industry and potentially return to profitability in the coming quarters.
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