Struggles continue at First Solar (FSLR -1.49%), as its third-quarter release reveals. Posting a drop in both revenues and net income of 16% and 56%, respectively, it beat estimates but wasn't able to provide a bright outlook for the future. First Solar has been transitioning toward constructing power plants rather than selling panels in an ultra-competitive market, but results have yet to materialize. The company is seeiing current projects wrapping up and has been having trouble filling the pipeline with future deals.
SunPower (SPWR) saw the same fate in revenue decline this quarter, with an 8% drop. Both companies have said they are targeting Australia, India, and China for future projects, but until this strategy begins to formalize in actual deals, the future looks bleak.
