Why First Solar's Shares Plunged 14.9% Today
Shares of thin-film solar cell manufacturer First Solar (NASDAQ: FSLR) fell as much as 14.9% on Friday after the company reported fourth-quarter 2019 financial results. The stock continues to trade near its low for the day and at 10:35 a.m. EST was down 13.3%.
Net revenue for the quarter was up 102% to $1.4 billion, and gross margin improved 960 basis points to 23.8%. But the net loss was $59.4 million, or $0.56 per share, due to a $363 million litigation charge. Analysts were expecting revenue of $1.75 billion and earnings of $2.72 per share.
Image source: First Solar.
Source Fool.com
