Maxeon Solar Technologies provides Business Update And Announces Preliminary Q3 Revenue And Shipment Results; Sees Q3 Revenue $224M-$229M Vs $316.2M Est.
Portfolio Pulse from Benzinga Newsdesk
Maxeon Solar Technologies (NASDAQ:MAXN) has announced preliminary Q3 revenue and shipment results, expecting revenues to be in the range of $224 to $229 million, lower than the estimated $316.2 million. The company's performance was impacted by reduced shipments to its largest US customer and a global demand slowdown. Maxeon is taking action to re-engineer its manufacturing capacity and strengthen its business fundamentals. The company also plans to reduce its global workforce by approximately 15% by the end of the year.
October 10, 2023 | 1:02 pm
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Maxeon Solar Technologies expects lower Q3 revenue due to reduced shipments and global demand slowdown. The company is taking action to re-engineer its manufacturing capacity and plans to reduce its global workforce by 15%.
The company's lower than expected Q3 revenue and the announcement of workforce reduction indicate potential financial difficulties, which could negatively impact the stock price in the short term.
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