MAXN - Why Maxeon Solar Technologies Stock Dropped 12.9% on Thursday
Shares of solar panel manufacturer Maxeon Solar Technologies (NASDAQ: MAXN) fell as much as 18.7% in trading on Thursday after the company reported earnings. Shares closed trading down 12.9% on more than triple the average daily volume.
Third-quarter 2020 revenue was up 6.7% from a year ago to $220.5 million but the company reported a gross loss of $16.7 million, which is a negative 8.3% gross margin. Net loss according to generally accepted accounting principles ( GAAP ) improved slightly from a year ago to $66 million.
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Why Maxeon Solar Technologies Stock Dropped 12.9% on Thursday