SolarCity Stock Sinks After Quarterly Loss Swells

SolarCity Corp (NASDAQ:SCTY) reported a bigger quarterly loss as the residential solar panel installer's total operating expenses jumped 54 percent.

SolarCity, which is backed by Tesla Motors Inc founder Elon Musk, said net loss attributable to shareholders widened to $25 million, or 25 cents per share, in the first quarter ended March 31, from $21.5 million, or 22 cents per share, a year earlier.

Revenue rose 81.6 percent to $122.6 million

Total operating expenses rose to $226.9 million from $147.4 million.

The company said in February it would increase sales and marketing spending to counter the impact from its decision to exit the Nevada market.

Shares tumbled over 13% in extended hours trading and have lost over 55% so far this year.

(Reporting by Arathy S Nair in Bengaluru; Editing by Sriraj Kalluvila)