Beaten Down Solar Stock SunPower Cuts 2023 Guidance Despite Signs of Recovery
Portfolio Pulse from Anusuya Lahiri
SunPower Corp (NASDAQ:SPWR) reported a Q3 FY23 revenue decline of 9.3% YoY to $432.00 million, missing the consensus of $453.25 million. The company also reported an adjusted EPS loss of $(0.12), missing the consensus loss of $(0.00). SunPower has reduced its 2023 guidance due to lower-than-expected consumer demand and delayed revenue recognition. The company's stock has lost 75.1% YTD and traded lower by 9.37% at $3.87 on the last check.
November 01, 2023 | 2:59 pm
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SunPower's Q3 FY23 revenue and EPS missed consensus, leading to a reduction in its 2023 guidance. The company's stock has lost 75.1% YTD and traded lower by 9.37% at $3.87 on the last check.
SunPower's Q3 FY23 revenue and EPS missed consensus, which is a negative signal for investors. The company also reduced its 2023 guidance due to lower-than-expected consumer demand and delayed revenue recognition, which further dampens investor sentiment. This has led to a decrease in the company's stock price.
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