Elon Musk’s SolarCity Corp (SCTY) Sees Bigger-Than-Expected Loss For First Quarter As Installations Fall Short Of Target
Residential solar panel installer SolarCity Corp. forecast a bigger-than-expected loss for the first quarter Tuesday as installations fell short of its target.
Shares of the company (NASDAQ:SCTY), which is backed by Tesla Motors Inc. founder Elon Musk, fell nearly 25 percent in after-hours trading.
SolarCity deployed 272 megawatts in the fourth quarter, below its forecast of 280 to 300 MW.
The company has lost nearly half its value over the past 12 months due to concerns that tumbling oil prices will erode demand for renewable energy.