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SunPower Reports Q1 Loss; Sales Guidance Lags By $400 Million

Late Thursday, No. 2 solar developer SunPower ( SPWR ) reported Q1 sales that topped Wall Street estimates, but it also posted its first quarterly loss since Q1 2012, and its current-quarter sales guidance lagged Wall Street views by about $400 million. SunPower stock was down 1.5% in after-hours trading Thursday, after the company released its earnings. Shares fell 3.7% in Thursday’s regular session. Last week, top rival First Solar ( FSLR ) reported Q1 sales that lagged Wall Street by about $100 million. For Q1, SunPower’s $433.6 million in sales ex items topped the consensus of 16 analysts polled by Thomson Reuters, but a 30-cent per-share loss minus items was greater than expectations for a 20-cent per-share loss. On a year-over-year basis, sales were flat, and its bottom line swung from a 13-cent per-share profit ex items in the year-earlier quarter. Current-quarter non-GAAP sales guidance for $310 million to $360 million would be down 11% at the midpoint. That fell far short of analysts’ model for $722 million. SunPower didn’t offer an earnings view, but the analyst consensus calls for a 22-cent per-share profit.

GoPro Posts Mixed Q1 Earnings, Delays Drone Until Holiday Season

Action-camera maker GoPro ( GPRO ) late Thursday reported a wider-than-expected loss for the first quarter, but sales beat forecasts. GoPro also reaffirmed its full-year revenue guidance. GoPro stock fell nearly 3% after-hours trading, following the earnings news release. GoPro stock fell 6.1%, to 10.71, in Thursday’s regular session. GoPro also announced that it is delaying the launch of its Karma flying-camera drone until the holiday shopping season. It had been scheduled for release this quarter. The San Mateo, Calif.-based company lost 63 cents a share in the March quarter, compared with earnings per share of 24 cents in the year-earlier period. It posted sales of $183.5 million, down 49%. Analysts polled by Thomson Reuters expected GoPro to lose 60 cents a share on sales of $169.1 million. GoPro did not give Q2 guidance, but said it continues to expect full-year sales of $1.35 billion to $1.5 billion, or $1.43 billion at the midpoint. Wall Street had been modeling full-year sales at $1.37 billion. GoPro is facing concerns about market saturation and pricing pressure from competitors, including Garmin ( GRMN ), Sony ( SNE ). Possible catalysts for the company include its upcoming drone and devices for recording 360-degree videos for virtual reality headsets like Facebook ’s ( FB ) Oculus Rift.

After Hours: GoPro, Square, CyberArk, FireEye, Herbalife Earnings

Square ( SQ ), GoPro ( GPRO ), Herbalife ( HLF ),  CyberArk ( CYBR ) and FireEye ( FEYE ) were among those reporting late Thursday. Square Square reported an adjusted net loss of 14 cents a share, missing expectations for a 9-cent per-share loss, as operating costs soared 72%. Revenue grew 51% to $379 million, beating expectations for $343.6 million. Square’s adjusted revenue excludes transaction revenue from its Starbucks ( SBUX ) deal, which is set to expire in Q3. Gross payment volume jumped 45% to $10.3 billion. The mobile payment company raised its full-year adjusted revenue outlook to $615 million-$635 million from $600 million-$620 million previously. Shares 12% late, after closing down 2.5%. GoPro GoPro swung to a loss of 63 cents a share in Q1 from a profit of 24 cents a share last year, missing analyst estimates for a per-share loss of 60 cents. Revenue dropped 50% to $183.5 million, beating projections for $169.1 million. The action camera maker reaffirmed its 2016 revenue guidance of $1.35 billion-$1.5 billion, while analysts have estimated $1.375 billion. Shares initially rose after hours, but reverse to trade down 1%. GoPro fell 6.05% during the regular session. Herablife The nutritional supplements firm earned $1.36 a share in Q1 excluding various items, up 5% vs. a year earlier, defying forecasts for a fifth straight year-over-year decline, to $1.09. Sales rose 1% to $1.11 billion, its first increase in six quarters. Sales rose 11% excluding currency swings. Herbalife also said that talks with the FTC over its marketing are at an advanced stage, saying it expects to pay about $200 million in a settlement. Herbalife sees Q2 EPS of $1.10-$1.20 raised its full-year EPS target to $4.40-$4.75 from $4.05-4.50. Analysts had expected $1.16 in Q2 and $4.65 for 2016. Herbalife stock shot up 14% in after-hours trading to 66.46 on its strong Q1 results and hopes for an FTC resolution. That would be the highest in nearly two years and above a buy point at 63.69. CyberArk Software The cybersecurity company said Q1 earnings grew 44% to 23 cents a share. Revenue grew 43% to $46.9 million, said CyberArk. Management sees Q2 EPS of 18-20 cents on $47.5 million-$48.5 million in revenue, the midpoints of which are above current analyst views for 18 cents a share on $47.5 million. For the year, CyberArk expects EPS of 87-91 cents on $209.0 million-$211.0 million in total revenue vs. forecasts for 87 cents a share on $206.9 million. Shares fell about 4% late after closing up 1.6%. FireEye FireEye announced several leadership shuffles, notably that current President Kevin Mandia will become CEO of the cybersecurity software firm, with current CEO and Chairman David DeWalt becoming executive chairman of the board, effective June 15. In Q1, FireEye lost 47 cents a share, slightly narrower than the prior-year quarter’s 48-cent per-share loss and ahead of views for a 50-cent per-share loss. Revenue rose 34% to $168 million, short of estimates for $171.8 million. Q2 guidance for a loss of 38-40 cents a share and $178 million-$185 million in revenue is worse than views for a 36-cent per-share loss on $192.8 million in revenue. For the year, it sees a per-share loss of $1.20-$1.27 on $780 million-$810 million in sales vs. views for a $1.25 per-share loss and $828.6 million in revenue. Shares sank nearly 7% after hours.