From Dow Jones & Company:

SolarEdge Technologies Inc. announced a workforce reduction of about 16% or 900 employees to cut costs. The layoffs will primarily affect manufacturing sites, with 500 positions being cut. The Israel-based solar-power company had already ceased manufacturing in Mexico, reduced capacity in China, and abandoned plans for a light commercial vehicle. SolarEdge will provide further details in its upcoming earnings release expected by the end of February. Currently, SolarEdge shares have decreased by 77% over the past year, and the company swung to a surprise third-quarter loss in November due to a slowdown in solar installations. Solar stocks, in general, have been impacted by weaker demand amid high interest rates.



Read more: SolarEdge to lay off 16% of its workforce as part of cost-cutting plan