Analysts expected SolarCity’s revenue to hit $111 million in third quarter 2015. But the solar energy company beat expectations with a near $114 million bump in revenue announced in earnings today.
That’s a 95.2 percent year-over-year increase, beating estimates by $2.43 million. This was “driven by increased installations and high system performance in our seasonally strong Q3,” according to the company.
However, SolarCity missed its Q3 EPS of -$2.41 by $0.46. This is before non-controlling interests and redeemable non-controlling interests. Shares started to plummet in after-hours trading, following the results, some points as low as 18 percent lower at $31.26 after earnings for Q3 went out.
Elon Musk, who holds the largest amount of shares in the company and is attributed for coming up with the idea, lost approximately $164.3 million this afternoon. Some have compared the company model to subprime loans.
The company is worth about $3.43 billion, according to Google Finance.
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“Rising retail electricity prices, coupled with inelastic demand, has created a significant and growing market opportunity for cleaner, cheaper energy,” read a company statement posted to its investor relations section of the website following the earnings. “