The stock of Sunrun Inc (NASDAQ: RUN) is experiencing a decline of 2.3% to $9.43 on Wednesday afternoon. The decrease in stock price could be attributed to the performance of its competitor, SunPower Corporation (NASDAQ: SPWR), which reported disappointing third-quarter results.
What Happened With SPWR Earnings?
SunPower reported a YoY revenue decline of 9.3% in the third quarter of FY23, amounting to $432.00 million, falling short of the expected $453.25 million. Additionally, the company posted an adjusted EPS loss of $(0.12), missing the expected loss of $(0.00).
Despite adding 18,800 customers, SPWR faces challenges with a backlog of 18,400 retrofit customers and 38,000 New Homes customers.
Why This Matters To RUN Investors
Sunrun and SunPower are direct competitors in the residential solar technology and energy services market. The solar energy industry is influenced by various market factors, including government policies, regulations, and overall demand for renewable energy solutions.
In general, when a major player like SunPower faces revenue declines and earnings misses, it raises concerns about the performance of the sector as a whole.
According to data from Benzinga Pro, Sunrun has a 52-week high of $33.33 and a 52-week low of $8.43.