MAXN - Why Shares of Maxeon Solar Technologies Are Plummeting Today
Uninspired by the second-quarter 2022 earnings that Maxeon Solar Technologies (NASDAQ: MAXN) reported yesterday after the bell, investors are selling shares in a big way. And it's not only the company's recent performance that is motivating the market. Maxeon's revenue guidance for Q3 2022 is also failing to power investors' excitement.
As of 11:20 a.m. ET, shares of Maxeon are down 20.1%.
Beating analysts' consensus sales estimate of $221.4 million, Maxeon reported $238.1 million on the top line for Q2 2022. At the bottom of the income statement, however, the company failed to surpass expectations. Whereas analysts had expected the company to book a loss per share of $1.60, Maxeon instead reported a loss per share of $2.15.
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Why Shares of Maxeon Solar Technologies Are Plummeting Today