Solar City stock takes a hit

SolarCity shares dive 16% on lower 4Q outlook

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Brent Lewin

San Mateo-based SolarCity Corp. claims about 3,300 employees and more than 68,000 customers.

Sarah Drake, Contributor

SolarCity shares sank by more than 16 percent in after-hours trading on Thursday following the solar installer’s forecast of bigger-than-expected losses for the fourth quarter.
The San Mateo-based company predicted after Wednesday's closing bell an adjusted loss of 55 cents to 65 cents per share for the current quarter, while analysts expected a 53-cent loss, The Wall Street Journal’s MarketWatch division reports. Investors reacted to the expectations early this morning when stock fell 9.6 percent.
For the third quarter, SolarCity Corp. reported a loss of 43 cents per share versus analyst predictions of a 48-cent loss. Revenue rose 52 percent from the previous year to $48.6 million, higher than analyst expectations of $40.5 million.
On Monday, company stock jumped 17 percent when it announced a new financing plan for its solar-power systems.
SolarCity backers include Tesla Motors Inc. CEO Elon Musk, a board chairman, who is also cousin to sibling founders Lyndon and Peter Rive.
Company: SCTY, TSLA

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