SunPower Shares Drop After Revenue Forecast Falls Short Of Street View
SunPower Corp. shares dropped in the extended session Tuesday after the solar power company's revenue forecast fell well short of Wall Street estimates despite better than expected quarterly results. SunPower shares fell 6.1% to $10.70 after hours. For the third quarter, SunPower forecast adjusted revenue of $320 million to $370 million. Analysts surveyed by FactSet had estimated revenue of $674.7 million. The company reported a second-quarter loss of $93.8 million, or 67 cents a share, compared with a loss of $70 million, or 51 cents a share, in the year-ago period. The adjusted loss was 35 cents a share. Adjusted revenue declined to $341.5 million from $401.8 million in the year-ago period. Analysts had estimated a loss of 46 cents a share on revenue of $312.6 million.
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