Chinese solar power company, Sunteach Power, raised its Q4 and full-year 2008 revenue guidance from $1.85 to $1.87 billion to $1.91 to $1.93 billion.That’s good, right?
At the same time, Suntech (STP: 15.18 -0.81 -5.07%) announced that it would lay off 800 (8% of workforce) of its employees.
Chopping staff is an odd move for a company that raised guidance.
I have a hard time picturing alternative energy companies delivering big profits when oil is at $40 a barrel.
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