First Solar (FSLR) - Get Report  shares dropped Friday after the company reported earnings that fell short of analysts' forecasts amid lower demand for its solar panels and equipment in the U.S.

The Tempe, Ariz., company posted third-quarter net income of $30.6 million, or 29 cents a share, vs. $57.6 million, or 54 cents, in the year-earlier quarter. Analysts polled by FactSet had been expecting $1.07 a share.

Revenue came in at $546.8 million, a bit more than half the $1.03 billion forecast by analysts surveyed by FactSet.

First Solar as well as its competitor SunPower (SPWR) - Get Reportbriefly popped this month after the Trump administration eliminated an exemption that had enabled some foreign-made solar panels to avoid a 25% tariff.

Shares of First Solar at last check were down 5.4% to $52.90.

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