Solar Stocks Surge as SolarEdge Lays Off 16% of Its Staff to Cut Costs
SEDGSolarEdge(SEDG) Investopedia·2024-01-23 02:30

Key TakeawaysSolarEdge shares rose after it said it was slashing its workforce to cut costs amid a slump in demand for solar products.The maker of solar power equipment is laying off 900 workers, or 16% of its workforce.CEO Zvi Lando said the job cuts and other cost reductions were needed for SolarEdge to align with current market conditions.SolarEdge Technologies (SEDG) shares gained over 3% in intraday trading Monday after the maker of solar power equipment said it would slash its workforce to cut costs a ...