Why Maxeon Solar Technologies Stock Dropped Today
Shares of Maxeon Solar Technologies (NASDAQ: MAXN) are down 11.8% as of 12:45 p.m. ET Thursday after the solar technology company announced mixed third-quarter 2023 results and disappointing forward guidance.
To be fair, this update shouldn't be entirely surprising considering Maxeon announced preliminary results over a month ago. Citing a temporary pause of shipments in late July after its largest U.S. distributed generation (DG) customer, SunPower, breached its payment obligations under Maxeon's Master Supply Agreement, Maxeon told investors its Q3 revenue would arrive in the range of $224 million to $229 million, with shipments in the range of 622 megawatts (MW) to 632 megawatts.
Indeed, when all was said and done Maxeon's quarterly shipments fell 22.2% year over year to 628 MW, while revenue declined 17.4% year over year to $227.6 million. On the bottom line, that translated to a net loss under generally accepted accounting principles (GAAP) of $108.3 million, or $2.21 per share. Analysts, on average, were expecting a much narrower net loss of $0.93 per share on roughly the same revenue.
Source Fool.com
