Enphase Energy’s stock drops due to weak US demand impacting revenue outlook.

(Reuters) – ⁤Shares of Enphase Energy slumped 17% in⁤ premarket ​trading on Friday, after the solar inverter maker’s ⁤third-quarter revenue target fell well short of⁣ analyst⁢ estimates due to weak demand.

Appetite for solar equipment has been tepid in the United States due to lukewarm demand in states such as Texas ⁣and Arizona where cheaper electricity prices make the economics of residential solar less attractive.

The Fremont,⁤ California-based company forecast revenue between $550 million and $600 million for‍ the quarter ending Sept. 30, compared ⁣with analysts’ estimate of‍ $746.5 million.

“We are assuming the same level of uncertainty continues going forward.⁢ Therefore, we are⁢ taking aggressive and⁤ prudent actions in ‌the U.S. to manage down the channel inventory,” said Enphase​ Energy CEO‌ Badrinarayanan Kothandaraman.

Analysts‌ at Evercore ISI said the company’s U.S. business is taking a one-time correction in its inventory levels in the third quarter, but ‌growth in European markets is accelerating.

Enphase also announced a new $1‍ billion share buyback plan, which failed to stem the share ‍selloff.

Shares of rival SolarEdge Technologies Inc,⁣ which is‌ expected to report results on August 1, slid 6.3%.

In stark contrast, First Solar announced plans to spend up to $1.1 billion in its fifth U.S. factory to meet booming demand for American-made ‍solar panels, sending its shares 8.9%‍ higher.

(Reporting by Medha Singh in Bengaluru; Editing by Krishna Chandra Eluri)

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