MAXN - Why Maxeon Solar's Stock Is Soaring Today
2023-03-08 11:23:06 ET
While the Nasdaq is inching a tad higher this morning, shares of Maxeon Solar Technologies (NASDAQ: MAXN) are one of the bright spots in the index. The solar power company reported fourth-quarter 2022 financial results yesterday after the market closed, and investors are showing their excitement today.
As of 10:55 a.m. ET, shares of Maxeon Solar have risen 39.3%.
Beating analysts' expectations that it would book Q4 2022 revenue of $315.7 million, Maxeon Solar reported $323.5 million on the top line. But what's really exciting investors today is what they found a little lower on the income statement: a gross profit. While Maxeon Solar forecast a fourth-quarter gross profit of negative $1 million to $9 million in its third-quarter earnings presentation, it blew past its guidance, reporting a gross profit of $20.1 million -- a company record.
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Why Maxeon Solar's Stock Is Soaring Today