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SolarCity reports bigger quarterly loss as expenses surge

Published 05/09/2016, 04:52 PM
Updated 05/09/2016, 05:00 PM
© Reuters. Elon Musk, Chairman of SolarCity and CEO of Tesla Motors, speaks at SolarCity's Inside Energy Summit in Midtown, New York

(Reuters) - SolarCity Corp (O:SCTY) reported a bigger quarterly loss as the residential solar panel installer's total operating expenses jumped 54 percent.

SolarCity, which is backed by Tesla Motors Inc (O:TSLA) founder Elon Musk, said net loss attributable to shareholders widened to $25 million, or 25 cents per share, in the first quarter ended March 31, from $21.5 million, or 22 cents per share, a year earlier.

Revenue rose 81.6 percent to $122.6 million

Total operating expenses rose to $226.9 million from $147.4 million.

The company said in February it would increase sales and marketing spending to counter the impact from its decision to exit the Nevada market.

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