JinkoSolar Holdings Co. (NYSE: JKS) Friday reported a fall in revenues for the second quarter of 2024. Adjusted profit declined sharply during the three months.

Revenues of the China-based solar panel maker dropped 22% annually to $3.31 billion in the June quarter. Adjusted net income attributable to shareholders, excluding special items, was $52.1 million in Q2, which is sharply lower than the adjusted profit recorded in the prior year quarter.

On an unadjusted basis, the company reported a net loss of $13.86 million or $0.29 per ADS for the second quarter. During the quarter, total solar module shipments increased 44% year-over-year to 25,318 MW.

Prior Performance

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