Solar products maker’s stock tumbles toward a 3-year low after a rather disappointing revenue outlook
“‘We have seen a substantial demand reduction in Europe. We have also seen the U.S. market continue to fall, driven by California.’”
The stock has lost about one-third of its value so far in October, wiping $5.4 billion in market capitalization. That would be the worst one-month performance since it sank 34.1% in March 2020. Kothandaraman noted that the fourth-quarter revenue outlook of $300 million to $350 million essentially reflects the “under-shipping” of products to end markets by $150 million due to excess channel inventory.
In the U.S., third-quarter revenue fell 16% sequentially, after falling 12% in the second quarter and declining 9% in the first quarter.
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