SunPower to Cut 15% of Workforce

By Josh Beckerman 
 Stock Market Quotes, Business News, Financial News from http://commodity-market-news.com

SunPower Corp. warned of near-term challenges in its power plant segment and said it will cut about 1,200 jobs, or 15% of its workforce, though the company said it had a strong quarter.

The maker of solar panels and systems said aggressive pricing by new market entrants has hurt near-term economic returns.

Meanwhile, the December 2015 extension of tax credits for renewable power, which helped shares of SunPower and other solar companies at the time, has “reduced the urgency to complete new solar projects by the end of 2016,” the company said.

SunPower shares fell 10.2% to $13.27 in after-hours trading.

Write to Josh Beckerman at josh.beckerman[a]wsj.com

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