US PV Giant Enphase's Q2 Earnings Guidance Falls Short of Expectations, Shares Tumble more than 16%

Global inverter company Enphase Energy (ENPH.US) announced its first quarter results on Tuesday EST. While first quarter adjusted profit and revenue were better than expected, the company gave weaker than expected revenue guidance for the second quarter, which caused the stock to fall more than 16%.
The company's Q1 revenue rose 64 percent year-on-year to $726 million, net income nearly tripled to $146.8 million from $51.8 million, and earnings per share reached $1.07, compared with $0.39 a year earlier, according to the results. Gross margin increased to 45% from 40.1 % a year earlier.
On a quarterly basis, Q1 total revenue was flat, primarily due to "seasonal and macroeconomic conditions," with sales in the US down 9% and revenue in Europe up 25%. 
IQ battery shipments declined to 102.4 MWh in Q1 from 122.1 MWh in Q4 2022.
Looking ahead, Enphase expects second quarter revenue to be in the range of $700–750 million, below analysts' general expectations of $760 million, with gross margins of 41%–44%, down from the first quarter.
The decline in Enphase shares also led to a general weakening of other solar stocks. SolarEdge (SEDG.US) fell 6.10%, SunPower (SPWR.US) dipped 4.18%, Sunrun (RUN.US) dropped 2.91%, Atlas Solar (CSIQ.US) lost 2.94%, Sunnova (NOVA.US) slip 2.69%, Array Technologies (ARRY.US) down 2.76%, First Solar (FSLR.US) decreaed 1.91%.