SolarEdge Technologies, a leading provider of solar energy solutions, announced it would lay off 400 employees, including 200 in Israel. The company cited a market downturn at the end of 2023 and the beginning of 2024 as the main reason for the job cuts. The layoffs will impact various departments and include reductions in headcount and discretionary spending.
The decision follows a challenging period for SolarEdge, which has experienced three consecutive quarterly losses. In January, the company announced layoffs affecting 16% of its global workforce. The company’s stock price has suffered as a result, falling nearly 66% this year.
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The layoffs highlight the broader challenges facing the solar industry, which is grappling with a slowdown in Europe and increased inventory levels. SolarEdge is working to restore profitability and ensure financial stability by taking these difficult but necessary steps.