2023-04-27 16:33:00 ET
When a company misses quarterly earnings profitability estimates, investors typically react by selling out of its stock. That isn't always the case, however, and it didn't happen on Thursday with Sunnova Energy International (NYSE: NOVA) . The solar company's shares enjoyed a more than 11% price gain despite a double miss on first-quarter results.
Just after market close on Wednesday, Sunnova published its figures for the quarter. These reveal that the solar company's revenue was almost $162 million, which was more than double the $65.7 million of the same period last year.
The same dynamic, unfortunately, was shown in Sunnova's net loss. This deepened considerably to more than $110 million ($0.70 per share) from the year-ago deficit of slightly over $22 million.
For further details see:
Why Sunnova Energy Stock Blasted Higher Today