{"id":47163,"date":"2023-08-11T07:57:59","date_gmt":"2023-08-11T11:57:59","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/maxeon-stock-plummets-25-on-q2-revenue-miss-and-soft-guidance-goldman-remains-buy-rated\/"},"modified":"2023-08-11T07:58:01","modified_gmt":"2023-08-11T11:58:01","slug":"maxeon-stock-plummets-25-on-q2-revenue-miss-and-soft-guidance-goldman-remains-buy-rated","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=47163","title":{"rendered":"Maxeon stock plummets 25% on Q2 revenue miss and soft guidance; Goldman remains Buy-rated"},"content":{"rendered":"
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\u00a9 Reuters. Maxeon stock plummets 21% on Q2 revenue miss & disappointing guidance<\/span>
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Maxeon (NASDAQ:) shares plunged about 25% in premarket Friday following the company’s reported .<\/p>\n

Revenue of $348.4 million came in worse than the consensus estimate of $378.23M. EPS was ($0.03), compared to the consensus estimate of ($0.07).<\/p>\n

“The demand environment in the global distributed generation (DG) market weakened significantly in late-Q2 due to the combined effect of higher interest rates, the impact of policy disruption in California, and significant channel inventory industry-wide. Our DG sales team was able to deliver on-plan ASP and gross profit but came in short of target on volume and revenue,\u201d said CEO Bill Mulligan.<\/p>\n

For Q3\/23, the company expects revenue in the range of $280M-$320M, missing the consensus estimate of $395.3M. Adjusted EBITDA is seen at $2M-$12M.<\/p>\n

For the full year, the company anticipates revenue in the range of $1.25B-$1.35B, worse than the consensus of $1.51B. Adjusted EBITDA is seen at $80M-$100M.<\/p>\n

Goldman Sachs analysts remain Buy-rated on the stock, “but acknowledge near-term DG demand and the ongoing dispute with SPWR would be key focus areas into 2H23.”<\/p>\n

The analysts cut the price target by $6 to $37 per share.<\/p>\n

(Additional reporting by Senad Karaahmetovic)<\/p>\n

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Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Maxeon stock plummets 21% on Q2 revenue miss & disappointing guidance Maxeon (NASDAQ:) shares plunged about 25% in premarket Friday following the company’s reported . Revenue of $348.4 million came in worse than the consensus estimate of $378.23M. EPS was ($0.03), compared to the consensus estimate of ($0.07). “The demand environment in the […]<\/p>\n","protected":false},"author":1,"featured_media":47164,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-47163","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nMaxeon stock plummets 25% on Q2 revenue miss and soft guidance; Goldman remains Buy-rated | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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