SolarCity is getting whacked after earnings whiff

SolarCity is tumbling after reporting worse than expected earnings Monday.

The renewable energy firm lost $2.56 a share in the first quarter, worse than the $2.31 per share loss expected by analysts. Revenues did beat, however, with $122.6 million generated against $110 million expected.

Guidance for the second quarter also came in light. SolarCity projects losses for the second quarter of $2.70 to $2.80 a share against expectations of just $2.13.

Following the announcement, the stock tumbled nearly 15% in after-hours trading to $19.25 a share. The stock closed at $22.51 a share on Monday.

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