04:52 AM EDT, 04/24/2024 (MT Newswires) -- (Updates with the stock move in the headline and the first paragraph.)

Enphase Energy ( ENPH ) shares slumped 8.5% in premarket activity on Wednesday after the company's Q1 earnings and sales sank more than forecast, and its Q2 revenue guidance missed expectations.

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

Price: 106.55, Change: -6.93, Percent Change: -8.51