On Wednesday, SunPower Corp. shares dropped the most in almost a year. Why? It all started after expectations of lower sales in the current quarter hurt the company’s narrower-than-expected quarterly loss.
The San Jose, California-based company dropped more than 20% today, which makes this the largest decrease since August of last year. Additionally, the 20% drop puts the company on track for the lowest close in three weeks. SunPower (NASDAQ:$SPWR) shares are down 41% from their 52-week week high of $15.30, reached this time last year.
Mentioned briefly, today’s drop occurred after SunPower reported on Tuesday an adjusted loss of 35 cents a share on sales of $342 million. On average, analysts surveyed by FactSet had forecast the company to report an adjusted loss of 46 cents a share on sales of $313 million.
However, the solar-power company forecast adjusted revenue of $320 million to $370 million for the July through September quarter, while analysts polled by FactSet forecast sales of roughly $500 million. Further, SunPower lowered the top end of its 2017 guidance as a result of permitting delays and land-right issues surrounding two projects in Mexico.
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