Heavy Hitters: First Solar Surges 8%, Facebook Dodges Market Selloff
First Solar (NASDAQ:FSLR) shares surged 8 percent in late afternoon trading. First Solar reported a third-quarter profit of $195 million ($1.94 per share), compared to $87.9 million ($1.27 per share) a year earlier. Revenue also jumped from $873 billion to $1.27 billion. “The third quarter marks a key milestone in our Company’s progress in achieving the strategic objectives we outlined during our Analyst Day event in April,” said Jim Hughes, First Solar CEO. “During the quarter we delivered on several key objectives, including additional bookings of 860MWdc, significant reductions to our module manufacturing cost, and strong financial performance. With these encouraging results achieved, we move forward, focusing on strengthening our leadership position in the marketplace and achieving our strategic objectives for future success.” First Solar also raised its guidance on gross margins.