Why SolarEdge Shares Are Up Premarket Today

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SolarEdge Technologies Inc (NASDAQ:SEDG) shares are trading higher after the company disclosed trimming 16% of the workforce to lower operating expenses and align its cost structure to current market dynamics. The job cut will affect around 900 employees, of whom 500 work in the company’s various manufacturing sites. The reduction follows other measures the company took, including discontinuation of manufacturing in Mexico, reduction of manufacturing capacity in China, and termination of its light commercial vehicle e-mobility activity. Zvi Lando, Chief Executive Officer, said, “We remain conf…

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