SolarEdge Technologies Layoff About 400 Employees

(RTTNews) - SolarEdge Technologies (SEDG), Monday announced its plans to reduce its global workforce by about 400 employees.

The company said the decision is part of the company's efforts to improve operational cost efficiency and resource allocation to boost performance and financial stability.

According to the SEC filing, the layoffs is in continuation of the previously announced measures taken by the company to align with current market conditions and reduce operating expenses.

The company expects to reduce its headcount by about 400 employees globally, lowering overhead expenses and enhancing efficiency in other operating areas.

Reductions in the workforce are subject to local regulatory requirements and the company expects to recognize the majority of these charges in the first quarter of fiscal 2025 with the remaining amount expected to be recognized during the remainder of fiscal 2025.