Why SunPower Stock Dropped AND Popped Today
Shares of solar energy company SunPower (NASDAQ: SPWR) went on a wild ride on Wednesday after the company reported first-quarter 2021 earnings. Shares fell as much as 10.2% early in the day, only to bounce back to a positive 6.9% high for the day. At 2:45 p.m. EDT shares were up a modest 3%.
Quarterly revenue at SunPower was $306.4 million, gross margins were 16.3%, non-GAAP (adjusted) net income was $9.3 million, or $0.05 per share, and adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) was $19.1 million. All of the results were within the guidance range provided when fourth-quarter 2020 results were given.
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Source Fool.com
