SolarCity Shares CrashPosted: May 12, 2016
By Paul Homewood
From Silicon Beat:
Shares of SolarCity nose-dived on Tuesday after disclosing earnings results that cast gloom over the provider of solar systems.
San Mateo-based SolarCity shares lost about one-fifth of their value due to the grim report for its first quarter that ended in March. Tuesday marked the first full day of trading after the financial results were released.
The big problems for the solar company: The quarterly report disclosed a loss that was bigger than expected, and management followed that up with a dismal outlook for future results.
“Bookings came in a lot lower than expected,” Lyndon Rive, chief executive officer and co-founder of SolarCity, told analysts during a conference call to discuss the financial results. “We had a bunch of headwinds that hit us all at the same time.”
The obstacles included regulatory challenges that stymied bookings and increased prices that stifled sales.
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