SolarCity has been growing enormously in the last several years, and while the company reported better-than-expected results in its fourth-quarter, shares fell 32%.
MarketWatch reports the shares fell in after-hours trading to $17.83 when the company forecasted a loss for the current quarter. SolarCity CEO Lyndon Rive wrote in a letter he is not happy with the results and will revamp the guidance methodology.
For the current quarter, SolarCity said it expects a loss of $2.55 to $2.65 a share. Analyst had forecast an adjusted loss of $2.36 a share.
SolarCity expects its first-quarter installations to grow 18% from the prior year, but decline 34% from the fourth quarter. The company cited its decision to shut down its Nevada business after the state's public utilities commission recently said that solar-panel users would get paid for their energy at lower rates.