Maxeon Says 'Because Of This Unprecedented Level Of Uncertainty, We Are Currently Unable To Provide Financial Guidance For Q3 And Are Therefore Withdrawing FY24 Revenue And Adjusted EBITDA Guidance; Expect That Q3 Revenue Will Decline Significantly From Q2'
Portfolio Pulse from Benzinga Newsdesk
Maxeon is facing significant market challenges, including competitive pressures, project delays, and U.S. Customs detentions affecting shipments. As a result, they have withdrawn financial guidance for Q3 and FY24, expecting a significant revenue decline. The company is taking steps to stabilize and improve its financial position.
September 03, 2024 | 12:06 pm
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Maxeon is withdrawing its financial guidance for Q3 and FY24 due to market uncertainties, competitive pressures, and U.S. Customs detentions affecting shipments. The company expects a significant revenue decline and is taking steps to stabilize its financial position.
Maxeon's inability to provide financial guidance and the expectation of a significant revenue decline are likely to negatively impact investor sentiment and the stock price in the short term. The U.S. Customs detentions, which have halted shipments to a major market, further exacerbate the situation.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100