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While Q1 EPS of $1.37 and revenue of $726 million came in above the consensus estimates of $1.21 and $719.28M, respectively, Q2/23 guidance missed expectations.
Revenue in the U.S. fell approximately 9% quarter-over-quarter due to seasonality and macroeconomic conditions, while revenue in Europe increased by around 25%.
Non-GAAP gross margin was 45.7% in Q1, compared to 43.8% in Q4/22, driven by increased IQ8™ product mix and improved logistics.
The company expects Q2/23 revenue in the range of $700-$750M, missing the consensus estimate of $773M.
