On October 26, 2023, Enphase reported an approximately 34% quarter-over-quarter decline in European revenue in the third quarter of 2023 due to "softening in demand." During the accompanying quarterly investor earnings call held that same day, President and Chief Executive Officer ("CEO") Badrinarayanan Kothandaraman insisted that the Company would not adjust its pricing strategies, despite countervailing competitive market forces, emphasizing that "there's no broad-based pricing adjustment from us."