JinkoSolar, a leading global solar module manufacturer, has announced a 21.6% drop in revenue for the second quarter of 2024 compared to the same period last year. The company's revenue fell to $2.1 billion in Q2 2024, down from $2.68 billion in Q2 2023.
The decline in revenue has been attributed to a combination of factors, including decreased module prices and lower demand in key markets. Despite this downturn, JinkoSolar remains optimistic about future prospects, citing ongoing investments in research and development and expansion into new markets as strategies to counterbalance current challenges.
In addition to the revenue drop, JinkoSolar's gross profit margin also experienced a significant contraction, reflecting the ongoing pressure in the competitive solar industry. The company has announced plans to streamline its operations and enhance efficiency to improve profitability in the coming quarters.
Looking ahead, JinkoSolar is focused on leveraging its technological advancements and scaling up production capacity to maintain its position in the market. The company believes that strategic adjustments and innovation will help navigate the current market volatility and drive long-term growth.
