Stock Alert: Enphase Energy Down 12% On Weak Q2 Outlook

(RTTNews) - Shares of Enphase Energy Inc. (ENPH) are slipping nearly 12% on Wednesday morning, after the company's revenue outlook for the second quarter fell short of estimates.

ENPH is currently trading at $150.89, down $20.21 or 11.81%, on the Nasdaq.

Looking forward to the second quarter, Enphase sees revenue of $300 million to $320 million. Wall Street analysts currently have a consensus revenue estimate of $354.26 million for the quarter.

For the first quarter, Enphase reported a profit of $31.70 million or $0.22 per share, down from $68.94 million or $0.50 per share last year. On an adjusted basis, earnings for the quarter rose to $0.56 per share from $0.38 per share last year. Revenues for the quarter surged to $301.8 million from $205.5 million last year.