UPDATE: Suntech Reports Wider Q2 Loss, Lowers Revenue Forecast

Suntech Power Holdings Co Ltd STP reported a wider second-quarter loss and lowered its revenue projections for the year. Suntech reported a quarterly loss of $259.5 million, or $1.44 per American depositary share (ADS), versus a year-ago loss of $174.9 million, or $0.97 per ADS, in the year-ago period. Excluding one-time items, Suntech reported a loss of $0.19 per ADS. Suntech's quarterly revenue surged 33% to $830.7 million. However, analysts were expecting earnings of $0.15 per share on revenue of $800 million. Suntech lowered its revenue forecast for the year to $3.2 billion to $3.4 billion, versus its earlier forecast of $3.3 billion to $3.5 billion. Suntech shares dipped 8.77% to close at $5.10 on Friday.