SolarCity Posts Much Larger Loss Than Expected
SolarCity reported a larger fourth- quarter loss than analysts had expected as operating expenses increased.
Shares of the solar energy company tumbled more than 11 percent after the closing bell following the news. What is SolarCity's stock doing now? Click here for the latest after-hours quote.
The company, chaired by Tesla Motors' Elon Musk, reported a net loss of $13.6 million, or $1.10 a share, compared with a net loss of $17 million, or 24 cents a share, in the year-earlier period.
The company posted a loss from operations of $23.8 million, compared with a loss of $14 million a year ago.
Revenue jumped 22 percent to $25.3 million from $20.7 million as the number of customers nearly doubled.
Analysts had expected SolarCity to report a loss of 44 cents a share for the quarter, according to Thomson Reuters. No revenue forecast was available.
The stock debuted at $8 on December 13 and has more than doubled since then, closing Wednesday at $19.27.
The results come just over a week after rival First Solar disappointed with its revenue number and outlook for the first quarter.