SunPower shares drop 30% amid layoffs, power plant struggles

Posted online August 11, 2016 | 11:29 am

Shares of solar panel company SunPower dropped over 30 percent yesterday.

The bad day of trading came after the company announced 1,200 layoffs, struggles with its power plant division and a revised 2016 outlook.

During the second quarter, the company posted a net loss of $70 million on $420 million in revenue.

Read more from USA Today.

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