SolarCity Drops on Weak Guidance

NEW YORK (TheStreet) -- SolarCity Corp (SCTY) fell in after-hours trading as the company provided weak guidance for the current fourth quarter. Shares plummeted 5.3% to $56.50 after the solar panel installer revised fourth-quarter losses to between 55 and 65 cents a share. Analysts surveyed by Yahoo! Finance were banking on a loss of 47 cents a share. Consensus of $40.45 million in revenue was in line with the company's low-end range of $40 to $46 million. 

For the third quarter, the company managed to double its revenue to $48.6 million compared to same period a year earlier. Both its top and bottom line surpassed Wall Street estimates, with a loss of 43 cents a share 1 cent higher than analysts surveyed by Yahoo! Finance had hoped for and revenue beating by $6.1 million.

"SolarCity continues to demonstrate that demand, execution, and financing remain strong tailwinds supporting growth toward our one million customer goal by mid-2018," said CEO Lyndon Rive.

The San Mateo, Calif.-based company has risen 400% over the year, similar to the sky-high trajectory of Chairman Elon Musk's company Tesla (TSLA). Musk holds a majority stake of 73% of the company's 78 million shares.

Written by Keris Alison Lahiff.

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