ReneSola Ltd.'s (NYSE:SOL) micro cap stock fell on Friday as the solar products manufacturer reported quarterly results that were well below analysts' estimates, and stated it was still struggling to lift sales, Reuters reports.
According to the news source, ReneSola is one of many solar companies that has felt the brunt of lower demand from Europe, and is also struggling to thrive in a rapidly expanding industry that is quickly becoming supersaturated with solar products, resulting in record-low prices. In the last year, the prices of ReneSola's solar modules and wafers have fallen by more than 50 percent.
According to Bloomberg, the company reported a loss of $34.8 million, or 30 cents per share, compared with a $1.8 million profit, or 2 cents per share, reported in the same period last year. This came in lower than the 8-cents-per-share loss analysts had expected. Overall sales fell 6.5 percent to $223 million.
The poor performance sent the company's stock down by 15.6 percent, or 28 cents, to $1.51 by 3:52 pm on Friday, August 24.