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Vivint Solar shares tumble after it posts larger-than-expected 1Q loss on shrinking revenue

Published: 11:07 09 May 2018 EDT

Vivint Solar workers installing solar panels for a homeowner
Shares of the solar energy provider tumbled on Wednesday

Shares of Vivint Solar Inc. (NYSE:VSLR) tumbled on Wednesday after the Utah-based solar energy provider posted larger-than-expected losses on shrinking revenue.     

Shares of Vivint Solar fell 8.7% to US$3.65 on Wednesday.

For the quarter ended March 31, Vivint Solar posted a loss of US$0.53 per share on revenue of US$68.3mln. The consensus estimate was a loss of US$0.37 per share on revenue of US$3.8mln.

The company’s guidance for the second quarter was bleak indicating it would install 45 to 48 megawatts (MWs) of power. It booked of approximately 52 MWs for the first quarter.

Founded in 2011, Vivint provides homeowners in 20 states with affordable clean energy through long-term energy contracts. It has installed over 100,000 solar panel systems so far. It supplies the solar panels and takes care of all the installation and maintenance — for little to no upfront cost.

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