Shares of (NASDAQ: SPWR) were down more than 17% as of 12:30 p.m. on Wednesday after the solar-power technology and energy provider released preliminary second-quarter numbers. The actual quarterly earnings are expected on Aug. 1. The stock is down more than 49% so far this year.

SunPower also gave updated guidance. The biggest trigger for Wednesday's share decline was that the company lowered its earnings expectations for the year. Instead of predicting annual net income of between $52 million and $82 million, it now expects a net loss of between $70 million and $90 million in 2023. It also lowered its expected number of residential customers to between 70,000 and 90,000, down from an earlier forecast of between 90,000 and 110,000.

The company said the biggest reason for the expected decline is lower demand in the Southeast and Southwest, due to increased interest rates. 

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Source Fool.com