SolarCity Q3 Revenue up 20%

Posted by Eric Haun November 5, 2014

SolarCity Corp, the largest U.S. solar panel installer, on Wednesday reported a 20 percent rise in quarterly revenue as it added more customers.

The company, which is backed by Tesla Motors Inc founder Elon Musk, said revenue rose 20 percent to $58.34 million. Analysts were expecting revenue of $60.23 million, according to Thomson Reuters I/B/E/S.

The company booked 230 megawatts of projects compared with 91 MW in the same quarter a year ago.

SolarCity also reported a net loss of $70.1 million, wider than the $37.8 million loss it reported a year ago.

(Reporting By Nichola Groom; Editing by Chris Reese)