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SolarCity Shares Plunge as it Beats 2Q Estimates

Updated from 4:43 p.m. with extended-session trading action and third-quarter guidance.

NEW YORK ( TheStreet) -- SolarCity (SCTY - Get Report) shares were tumbling 12% to $37.40 after the company reported a narrower-than-expected loss of 31 cents a share on revenue of $37.5 million after market close on Wednesday.

Analysts were expecting the company to post a second-quarter loss of 38 cents a share on revenue of $27.44 million, according to a consensus estimate at Yahoo! Finance. For its first quarter of 2013, the company posted a loss of 41 cents a share on $30 million in revenue.

In its press release, the company increased is loss estimate for the third quarter to a range of 50 cents to 60 cents a share, while leaving full-year projections unchanged. For the third quarter, a consensus of analysts cited by Yahoo! Finance were expecting a loss of 38 cents a share, with a range of 22 cents to 49 cents a share.

Shares of SolarCity have risen over 400% since its IPO in December.

Shares of SCTY opened sharply lower Wednesday as solar stocks in general suffered following a weak earnings report from First Solar (FSLR - Get Report) after the market close Tuesday.

Shares of First Solar ended the session down 14.4% on the day at $40.47. Shares of SolarCity recovered from session lows to close down 3.1% at 42.50.

With operations based in California and expanding nationally, SolarCity positions itself as an energy company, buying and leasing solar panels to clients. First Solar is a manufacturer of panels in direct competition with overseas manufacturers and exposed to falling prices for solar hardware.

-- Written by Carlton Wilkinson in Asbury Park.

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