Cyber Monday Deal: Up to 60% off InvestingProCLAIM SALE

SolarCity reports bigger quarterly loss as expenses surge

Published 05/09/2016, 04:52 PM
Updated 05/09/2016, 05:00 PM
© Reuters. Elon Musk, Chairman of SolarCity and CEO of Tesla Motors, speaks at SolarCity's Inside Energy Summit in Midtown, New York
TSLA
-
SCTY
-

(Reuters) - SolarCity Corp (O:SCTY) reported a bigger quarterly loss as the residential solar panel installer's total operating expenses jumped 54 percent.

SolarCity, which is backed by Tesla Motors Inc (O:TSLA) founder Elon Musk, said net loss attributable to shareholders widened to $25 million, or 25 cents per share, in the first quarter ended March 31, from $21.5 million, or 22 cents per share, a year earlier.

Revenue rose 81.6 percent to $122.6 million

Total operating expenses rose to $226.9 million from $147.4 million.

© Reuters. Elon Musk, Chairman of SolarCity and CEO of Tesla Motors, speaks at SolarCity's Inside Energy Summit in Midtown, New York

The company said in February it would increase sales and marketing spending to counter the impact from its decision to exit the Nevada market.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.