In just a few short hours on Tuesday, the solar energy company SunPower Corp. lost more than 20% of it's share value, and the percentage is only growing according to MarketWatch reporter Wallace Witkowski.
The company reported a larger-than-expected loss on Tuesday and said that it would be cutting 15% of its workforce, or 1,200 employees. In a few hours after their announcement, shares had plummeted 22% to $11.55.
The company reported an adjusted second-quarter loss of 22 cents a share on adjusted revenue of $401.8 million. Analysts surveyed by FactSet had forecast a loss of 19 cents a share on revenue of $345.1 million.
The workforce layoffs are mostly associated with closing a facility in the Philippines, which will take a charge of $30 million to $45 million.
For the year, SunPower expects adjusted revenue of $3 billion to $3.2 billion, while analysts estimate revenue of $3.28 billion.