04:42 PM EDT, 04/23/2024 (MT Newswires) -- Enphase Energy ( ENPH ) reported Q1 non-GAAP earnings late Tuesday of $0.35 per diluted share, down from $1.37 a year ago.

Analysts surveyed by Capital IQ expected $0.39.

Revenue for the quarter ended March 31 was $263.3 million, down from $726.0 million a year earlier.

Analysts surveyed by Capital IQ expected $277.6 million.

The company said it expects Q2 revenue of $290 million to $330 million. Analysts surveyed by Capital IQ expect $346.9 million.

Shares of the company dropped about 8% in after-hours trading.