Enphase forecasts fourth-quarter revenue below expectations on muted demand
Oct 22 (Reuters) -Solar inverter maker Enphase Energy ENPH.O forecast fourth-quarter revenue below Wall Street expectations on Tuesday due to weak demand in some markets, sending its shares down 9% after the bell.
Demand for residential solar has deteriorated in Europe, weighed down by lower electricity prices and greater competition in key markets such as the Netherlands and Germany.
The solar energy company forecast fourth-quarter revenue to be in the range of $360 million to $400 million, compared to analysts' expectations of $435.8 million,according to data compiled by LSEG.
Third-quarter revenue in Europe fell 15% sequentially, the company said, due to further softening of demand in the continent.
In the U.S., Enphase's biggest market, revenue rose 43% sequentially as inventory levels reached back to normal.
Global shipments of its microinverters slumped by 55.6% to 1.73 millionin the third quarter ended Sept. 30, from a year earlier.
The Fremont, California-based company said it expects to start shipping commercial microinverters and batteries with higher domestic content, produced at its U.S. contract manufacturing facilities in the fourth quarter.
Reporting by Vallari Srivastava and Sourasis Bose in Bengaluru; Editing by Mohammed Safi Shamsi
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