SunPower Corp. Posts Loss In Q3, Reduces 2023 Guidance; Stock Plunges

(RTTNews) - SunPower Corp. (SPWR) reported a third quarter net loss income from continuing operations attributable to stockholders of $30.0 million compared to profit of $137.6 million, last year. GAAP net loss per share from continuing operations was $0.17 compared to profit of $0.73. Non-GAAP net loss per share from continuing operations was $0.12 compared to profit of $0.08.

Third quarter total revenues declined to $432.00 million from $476.25 million, last year. Non-GAAP revenue from continuing operations was $432.2 million compared to $476.3 million.

The company reduced 2023 guidance for GAAP net loss to $175 million to $165 million.

"We are reducing our 2023 guidance due to lower-than-expected consumer demand as well as delayed revenue recognition from longer cycle times," said Peter Faricy, SunPower CEO.

Shares of SunPower Corp. are down 13% in pre-market trade on Wednesday.

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