First Solar Sinks 12% On Updated Guidance, Jobs Cuts

First Solar, Inc. FSLR shares crashed following the company’s 2017 guidance call. Trading was actually halted briefly ahead of the call in Wednesday's after-hours session.

The company announced it was cutting its workforce by approximately 1,600 jobs, totaling 27 percent of the total global workforce.

The company updated its guidance for 2016, with adjusted EPS expected to be in the $4.60-4.80 range, versus a $4.42 estimate. Operating cash guidance was in the $550-650 million range.

The company also announced that its Series 4 production will be phased out and its Series 5 production was canceled.

The stock traded recently at $28.70, down 12.5 percent. Shares are down over 50 percent year-to-date.