TAN - SolarEdge Cuts 400 More Jobs In 2024: Navigating Market Woes And Inventory Challenges | Benzinga
SolarEdge Technologies, Inc. (NASDAQ:SEDG) shares are trading lower after the company disclosed a decision to lay off 400 employees.
The company stated that 200 of these job cuts are in Israel. The action involves reducing headcount and discretionary spending across all departments.
The company stated that the market downturn at the end of 2023 and early 2024 led to excess inventory in their distribution channels, temporarily lowering sales volumes as inventory clears.
In January this year, the company disclosed trimming 16% of the workforce to lower operating expenses and ...