Maxeon Solar Tech Ltd (MAXN) said after close Wednesday that it lost $1.74 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $227.6 million, beating estimates by $560 thousand.
In the same quarter a year ago, the company lost $1.09 per share on revenue of $275.4 million.
The stock is down 6.23% to $5.72 after the report.
The firm's higher revenue growth to earnings signals that the firm has not been able to reduce costs and has seen its profit margin decrease.
Wall Street Analysts had an average rating of Buy on the stock prior to the report.
InvestorsObserver gives the stock a Bullish Sentiment score at the moment based on recent trading.
Prior to the report, InvestorsObserver gave the stock an overall score of 44. Meanwhile, the average Wall Street analyst rated the stock a Buy.
Maxeon Solar Technologies Ltd is engaged in the design, manufacture, and distribution of solar products. The product portfolio includes SunPower Maxeon Panels and SunPower Performance Panels. Geographically, it derives revenue from the U.S., France, China, Italy and Rest of the world.
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Maxeon Solar Tech Ltd Down 6.23% To $5.72 After Earnings Miss
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