MAXN - Why Maxeon Solar Technologies Stock Fell 13.7% on Wednesday
Shares of solar manufacturer Maxeon Solar Technologies (NASDAQ: MAXN) fell as much as 13.7% in trading on Wednesday after the company reported fourth-quarter 2020 results. Shares didn't see much of a bounce off of lows made mid-morning and were still down 13% at 2:45 p.m. EDT.
Fourth-quarter revenue fell 33% to $246 million and the company reported net income of $3.5 million, or $0.11 per share. But there was a $44.4 million gain on stock borrowing facilities that helped the bottom line. Gross margin was an anemic 3% in the quarter.
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Why Maxeon Solar Technologies Stock Fell 13.7% on Wednesday