Updated from 3:38 p.m. EDT
LDK Solar (LDK Quote) reported a larger-than-expected loss in the fourth quarter following a massive writedown, and shares were dropping Wednesday after the company said the first quarter isn't looking much better.
The Chinese solar wafer manufacturer swung to a fourth-quarter loss of $133.1 million, or $1.25 a share, compared with a profit of $88.4 million, or 77 cents a share, in the third quarter of 2008 and earnings of 44 cents in the year-ago quarter. One month earlier, LDK said it expected to report a loss of $135 million to $145 million in the fourth quarter.
LDK said that revenue more than doubled from a year ago to $426.6 million, but was down 21.3% sequentially. On average, analysts were looking for a loss of 84 cents a share on revenue of $422 million, according to Thomson Reuters. ...
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