SunPower shares slump after solar company reduces annual outlook

) sank on Wednesday after residential solar panel group reduced its annual financial guidance, citing lower-than-anticipated consumer demand and delayed revenue recognition.

Expectations for adjusted earnings before interest, tax, depreciation and amortization were also revised to predict a 2023 loss of $25M - $35M. SunPower had previously forecast positive earnings of $55M - $75M.

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SunPower Stock Tumbles. Earnings Were That Bad.SunPower now expects to post a fiscal 2023 net loss of between $175 million and $165 million.
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