Struggles continue at First Solar (NASDAQ:FSLR), 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 (NASDAQ: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.