Why First Solar Shares Are Sliding After Hours

First Solar Inc FSLR shares are trading lower in Thursday's after-hours session after the company reported worse-than-expected financial results.

First Solar reported third-quarter revenue of $629 million, which missed average analyst estimates of $744.35 million, according to Benzinga Pro. The company reported a quarterly net loss of 46 cents per share, which missed average estimates for a loss of 27 cents per share.

"Our focus continues to be on setting the stage for long-term growth, and from this point of view, 2022 has so far proven to be foundational," said Mark Widmar, CEO of First Solar.

First Solar narrowed its full-year revenue guidance from a range of $2.55 billion to $2.8 billion to a range of $2.6 billion to $2.7 billion versus a $2.62 billion estimate. The company also cut its full-year gross profit outlook from a range of $115 million to $165 million to a range of $75 million to $110 million. 

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FSLR Price Action: First Solar has a 52-week high of $145.74 and a 52-week low of $59.60.

The stock was down 10.2% in after-hours at $117.75 at the time of publication.

Photo: Robert Jones from Pixabay.