MAXN - Why Maxeon Solar Technologies Stock Cracked Today
2023-08-11 10:45:11 ET
Maxeon Solar Technologies (NASDAQ: MAXN) , the primary producer of solar panels for solar company SunPower , saw its stock price crash 27.5% through 9:50 a.m. ET, after reporting mixed earnings last night.
Analysts had forecast Maxeon would lose $0.08 per diluted share in its fiscal second-quarter 2023 report for the period ended July 2, and Maxeon beat that estimate, reporting a loss of only $0.03 per share. However, Maxeon's sales of $348.4 million fell well short of analysts' predicted sales of $372.6 million.
Maxeon's $0.03-per-share loss was a huge improvement over the $2.15 per share the company lost one year ago. And $348.4 million in sales still worked out to 46% growth year over year, a result that CEO Bill Mulligan called "solid." Plus, Maxeon is making moves to keep growing in the future, announcing it will build a U.S. solar cell-and-module factory in Albuquerque, New Mexico.
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Why Maxeon Solar Technologies Stock Cracked Today