Suntech (NYSE:STP) losing ground in today's trading. The company reported its earnings today, with a Q1 loss of $0.74 per share, missing estimates of a loss of $0.50 a share.
Revenues in the quarter fell 53.3% year-over-year to $409.5 million, beating estimates of $406 million.
Dr. Zhengrong Shi, Suntech's chairman and CEO commented on the earnings, "Cost reduction continues to be the top priority for our business and we have outlined a clear roadmap for the remainder of the year. Suntech's differentiated technology development capability will play a vital role in driving ongoing cost reduction. Our innovation-based product development will reduce cost without compromising quality, and generate value for our customers."
Suntech not fairing well on its earnings report. The company now down over 1.5% to $1.95