07:48 AM EDT, 07/15/2024 (MT Newswires) -- SolarEdge Technologies ( SEDG ) is eliminating roughly 400 employees, including 200 in Israel, as part of cost-cutting measures, the company said in a regulatory filing Monday, citing a letter from Chief Executive Zvi Lando to employees.

The reduction will affect all departments and will also include discretionary spending, Lando said in the letter.

Lando said a weak market at the end of 2023 and in early 2024 led to excess inventory and clearing inventory channels will take time. The company has also been affected by the "current downturn" in the solar market, especially in Europe, the CEO said in the letter.

"The main tools at our disposal are to reduce our cost structure, and become leaner and more efficient," according to Lando.

SolarEdge's ( SEDG ) shares fell 5.7% in recent Monday premarket activity.

Price: 29.85, Change: -1.80, Percent Change: -5.69