Suntech Power Holdings
on Friday raised its revenue guidance for the fourth quarter. The company also will cut 800 workers, 8% of its workforce.
Suntech, the world's largest photovoltaic module manufacturer, expects total quarterly net revenue of $405 million to $420 million, above previous guidance of $345 million to $360 million. Full-year 2008 total net revenue is expected to range from $1.91 billion to $1.93 billion.
Average analyst estimates from Thomson Reuters had called for a loss of 17 cents a share on $357.7 million in revenue.
China-based Suntech's products turn sunlight into electricity. The company could benefit under the Obama administration as the U.S. renews a push toward alternative energy.
Suntech shares were up 64 cents to $9.42 in recent Friday trading.
This article was written by a staff member of TheStreet.com.