Shares of Chinese solar module manufacturer JinkoSolar Holding Co. (NYSE: JKS) sank 7.7% through 10:30 a.m. ET Wednesday after missing earnings badly in its fourth-quarter financial report.

Analysts had high hopes for Jinko, expecting the company to report $2.50 per share in profit on $4.3 billion in sales for the quarter. Jinko exceeded expectations for sales, reporting $4.6 billion, but profits came in way short of estimates at $0.02 per share.

This was a good news, bad news report for JinkoSolar. On the one hand, the company shipped 78.5 gigawatts' worth of solar modules in 2023, a 76% increase that made the company "first in the industry" for volume of solar product shipped. Q4 shipments grew 68% year over year to 27.9GW.

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Source Fool.com