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SunPower Announces Workforce Cut

Author: Source: Datetime: 2016-12-11 10:51:30
SunPower Corp. (NYSE: SUNW) today announced that it has cut its workforce by 25 percent (2,500 people) and shut down its 700 MW solar powered portable generator cell plant to keep the industry cool. SunPower also announced the following measures: cut 2017 capital expenditure budget of more than 50% to 100 million US dollars, reducing operating costs in 2017 to 350 million US dollars by the end of 2017 will be recognized before the end of about 225-275 million US dollars in organizational restructuring costs.
SunPower Announces Workforce Cut
According to the SunPower 7 released by the fiscal forecast, in 2017 in accordance with US generally accepted accounting principles (GAAP) recognized revenue will be between $ 1,8-23,000,000,000, Non-GAAP revenue will be between $ 2,120,000,000,000. SunPower expects to have a positive cash flow from solar power batteries  operations at the end of 2017, with an estimated cash flow of approximately $ 300 million.

Thomson Reuters reported that SunPower CEO Tom Werner said in an interview, product pricing is expected to stabilize next year, the second half of 2017 is expected to improve the economy. He said that after the latest round of layoffs, the total number of employees will drop to about 7,000 people.

SunPower is expected to record a quarterly loss for the sixth consecutive quarter. According to Thomson Reuters I / B / E / S survey, analysts had expected SunPower 2017 Non-GAAP revenue will reach 2.7 billion US dollars.
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