SunPower Shares Shed More Than 20% After Wider-than-expected Loss, Layoffs

SunPower Corp. shares dropped in the extended session Tuesday after the solar-energy company reported a larger-than-expected loss and said it was cutting 15% of its workforce. SunPower shares plummeted 22% to $11.55 after hours. The company reported an adjusted second-quarter loss of 22 cents a share on adjusted revenue of $401.8 million. Analysts surveyed by FactSet had forecast a loss of 19 cents a share on revenue of $345.1 million. SunPower said it was shedding 1,200 employees, mostly associated with closing a facility in the Philippines, and taking a charge of $30 million to $45 million. For the year, SunPower expects adjusted revenue of $3 billion to $3.2 billion, while analysts estimate revenue of $3.28 billion.