SolarCity plunges 15% on big loss, guidance

SolarCity shares tanking
SolarCity shares tanking

SolarCity shares plunged on Monday as the company posted a wider-than-expected quarterly loss and gave disappointing guidance.

The solar power company founded by entrepreneur Elon Musk reported an adjusted first-quarter loss of $2.56 per share, versus expectations of a $2.32 per share loss, according to Thomson Reuters. Revenue came in at $123 million, compared with expectations for $110 million.

Sales rose about 81 percent in the quarter, while total operating expenses increased 54 percent.

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SolarCity also guided to a wider-than-expected loss for the second quarter. It expects sales of $135 million to $143 million in Q2, versus a forecast for $151 million, according to Thomson Reuters.

Shares shed roughly 20 percent of their value in after-hours trading. The stock has fallen more than 50 percent this year, battered by a dim investor outlook on the stock.

Famed short seller Jim Chanos has had the company in his sights since last year, when he blasted SolarCity as being comparable to a subprime lender.