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Here’s Why SunPower Is Cutting 1,200 Jobs

SunPower's highly efficient solar panels.SunPower's highly efficient solar panels.
SunPower's highly efficient solar panels.SunPower

SunPower, the No. 2 U.S. solar panel maker, said it would cut about 1,200 jobs, or about 15% of its workforce, as the company realigns its power plant business and manufacturing operations.

The company also posted on Tuesday a quarterly loss, compared with a year-earlier profit, hurt by declines in revenue from its power plant business.

SunPower reported a net loss attributable to shareholders of $70 million, or 51 cents per share, in the second quarter ended July 3, compared with a profit of $6.5 million, or four cents per share, a year earlier.

Excluding one-time items, the company lost 22 cents per share.

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The company, majority owned by French energy giant Total SA, said revenue rose 10.3% to $420.5 million.