SolarCity Misses Target for the Second Consecutive Quarter; Shares Dip Thirty Percent
On Tuesday, SolarCity Corp said it installed lesser number of rooftop solar systems in the Q4 for the second consecutive quarter, than expected. The company's shared dipped thirty percent as it warned that its growth will slow down in 2016.
The leading rooftop solar company in the United States deployed 272 megawatts of solar panels which did not match its forecast of 280 to 300 MW in the fourth quarter. SolarCity attributes some of the deficit to Nevada's December decision to roll back its favorable solar policy.
In the past five years, SolarCity, expanded its presence dramatically and last year said it will shift its business to focus more on generating cash rather than keeping the spotlight on growth.
SolarCity maintained its 2016 installation projection at 1.25 gigawatts and said that it will grow forty percent or more in the current year which is still far below its growth rate in 2015, when installations climbed up by seventy three percent.
Chief Executive Lyndon Rive said SolarCity will increase sales and marketing costs to make up for the thump it took from 20 MW a quarter it expected from the decision to move out of the Nevada market. He said, "We do have to make up that gap and still have growth."
New Zealand News
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