Shares of solar technology and solutions provider SunPower Corp. (NASDAQ:SPWR) are nosediving today after it announced preliminary second-quarter numbers and slashed its full-year outlook. Amid macroeconomic challenges and elevated interest rates, the company is witnessing a slowdown in demand and consequently, is undertaking cost rationalization measures to adapt to market conditions.
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Under the restructuring plan, SunPower expects to slash nearly 140 jobs and incur ~$4.3 million in restructuring charges. Q2 net loss is anticipated at $30 million on revenue of $464 million. Preliminary customer growth for the period is pegged at 20,400 new customers. The company is slated to announce second-quarter results on August 1 and analysts anticipate an EPS of $0.02 on revenue of $480.3 million for the quarter.
For the full-year 2023, SunPower expects net loss to range between $90 million and $70 million with adjusted EBITDA per customer seen hovering between $1,450 and $1,650. Further, the company also plans to lower platform investment to $50 million to $70 million for the year.
Overall, the Street has a $14.53 consensus price target on SunPower alongside a Hold consensus rating. Shares of the company have now tanked nearly 41% over the past 52 weeks.
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