SolarCity (SCTY), Monday reported a loss for the first quarter, turning around from a profit last year, hurt mainly by higher costs. Loss for the quarter was wider than that Wall Street expected. Following the news, shares of the company fell ten percent in after hours trade.
SolarCity reported first-quarter loss of $31.0 million or $0.41 per share, compared profit of $656 thousand or $0.04 per share last year.
SolarCity, which made its debut on the Nasdaq last December, reported first-quarter revenues of $30.0 million, up from $24.8 million last year.
Analysts polled by Thomson Reuters estimated loss of $0.26 per share, on revenues of $29.08 million for the quarter. Analysts' estimates typically exclude one-time items.
Total operating costs rose to $34.5 million from $24.7 million last year.
Looking forward to the second quarter, SolarCity expects operating lease revenues of $16 million - $18 million and solar energy systems revenues of $5 million - $10 million.
SCTY closed Monday's trading at $35.88, up $7.00 or 24.24%, on the Nasdaq. However, the stock plunged $3.43 or 9.56% in after hours trade.
For comments and feedback contact: editorial@rttnews.com
Business News
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.