SunPower reported second-quarter results early Tuesday that beat estimates on the top and bottom lines as the company reported it added a record number of customers. SunPower stock jumped.
The residential solar provider reported adjusted earnings of three cents a share on revenue of $414 million. Wall Street analysts expected SunPower to report earnings of 2 cents a share on revenue of $362 million.
SunPower stock surged 9.4% to close at 21.70 on the stock market today.
SunPower said it added a record 19,700 customers in the quarter, up 51% from the year ago period. Revenue jumped 63%. SunPower also said it established a strategic relationship with privately owned home goods retailer Ikea in the U.S. to reach new customers.
The company is a provider of photovoltaic solar energy generation systems and battery energy storage products, primarily for residential customer.
SunPower stock has jumped more than 36% over the past five trading days.
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