Sunrun Inc RUN shares are trading lower by 2.3% to $9.43 Wednesday afternoon. The stock is possible trading lower in sympathy with SunPower Corporation SPWR after the company reported worse-than-expected third-quarter results.
What Happened With SPWR Earnings?
SunPower reported a 9.3% YoY revenue decline in the third quarter of FY23, totaling $432.00 million, falling short of the expected $453.25 million. The company also posted an adjusted EPS loss of $(0.12), missing the expected loss of $(0.00).
Despite adding 18,800 customers, SPWR faces a challenging outlook with a backlog of 18,400 retrofit customers and 38,000 New Homes customers...Read More
Why This Matters To RUN Investors
Sunrun and SunPower are competitors in the residential solar technology and energy services market. The solar energy industry is subject to various market factors, including government policies, regulations, and overall demand for renewable energy solutions.
In general, when a major player like SunPower faces revenue declines and earnings misses, it can raise concerns about the sector's performance as a whole.
According to data from Benzinga Pro, Sunrun has a 52-week high of $33.33 and a 52-week low of $8.43.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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