SolarCity Shares Drop On Wider-than-expected Loss, Outlook

SolarCity Corp. shares dropped in the extended session Monday after the solar energy company posted a wider-than-expected loss for the first quarter, and issued a worse-than-expected outlook. SolarCity shares fell 15% to $19.07 after hours. The company reported an adjusted first-quarter loss of $2.56 on revenue of $122.6 million. Analysts surveyed by FactSet had forecast a loss of $2.31 a share on revenue of $110 million. For the second quarter, SolarCity sees an adjusted loss of $2.70 to $2.80 a share. Analysts had forecast a loss of $2.13 a share. SolarCity said it installed 214 megawatts of panels in the first quarter, exceeding its guidance of 180 MW.