Why Canadian Solar Stock Was Sliding This Week
The late summer sun might be shining in many parts of the world, but it wasn't illuminating Canadian Solar (NASDAQ: CSIQ) stock in the past few days. After the company published a fresh set of quarterly results, many investors headed for the exit doors. As a result, according to data compiled by S&P Global Market Intelligence, Canadian Solar's share price was down by nearly 17% week to date as of early Friday morning.
Before market open Thursday, Canadian Solar released its second-quarter earnings report. This showed that the company earned nearly $1.64 billion in revenue for the period. That was down significantly from the $2.36 billion of the same quarter last year. Net income eroded far more dramatically, falling to $3.8 million ($0.02 per share) from second quarter 2023's almost $170 million.
Although the solar company beat the consensus analyst estimate for revenue ($1.59 billion), it fell far short of expectations for profitability. Collectively, the pundits tracking Canadian Solar were anticipating $0.20 per share for net income.
Source Fool.com
