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Enphase Energy second-quarter revenue forecast disappoints, shares fall

(Reuters) -Enphase Energy Inc reported market-beating profit in the first quarter on strong sales in Europe, but forecast second-quarter revenue below Wall Street expectations, sending its shares down as much as 17% in extended trading on Tuesday. Pavel Molchanov, an analyst at Raymond James, sees net metering reform in California creating headwinds in the second quarter for Enphase, but said that “the company is doing extremely well in Europe”, with the two factors “essentially cancelling each other out.”

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