Maxeon Plans 15% Staff Cut, Lowers Third-Quarter Guidance (1)

Maxeon Solar Technologies Ltd. will cut about 15% of its global workforce, citing a slowdown in demand for rooftop panels and challenges collecting payments from a top customer.

Most of the staff cuts will take place by the end of the year, the Singapore-based solar manufacturer said in a statement Tuesday. Maxeon also reduced its third-quarter guidance for shipments and revenue amid what Chief Executive Officer Bill Mulligan called “rapidly changing market and industry conditions.”

The shares gained 1.9% to $9.72 at 2:28 p.m. in New York. Earlier they plunged as much as 24%.

The restructuring comes as the solar ...