Shares of JinkoSolar Holding Co. Ltd. (NYSE: JKS) skyrocketed 8.59% on October 30th, 2024, after the leading solar panel manufacturer reported better-than-expected financial results for the third quarter of 2024.

JinkoSolar reported an adjusted loss of $0.06 per share for the quarter, significantly narrower than the analyst consensus estimate of a $0.29 loss per share. The company's revenue for the quarter came in at $3.49 billion, surpassing analysts' expectations of $3.2 billion, despite representing a 20.01% year-over-year decrease.

The strong performance in the face of challenging market conditions appears to have been well-received by investors, driving the company's shares higher. JinkoSolar's ability to beat earnings and revenue estimates is a positive sign for the company's ongoing efforts to navigate the evolving solar energy landscape.

JinkoSolar attributed its success in the quarter to its leading position in N-type TOPCon technology, competitive products, and global marketing and manufacturing footprint. The company's module shipments ranked first in the industry for both the third quarter and the first three quarters of the year.

Looking ahead, JinkoSolar expects its module shipments to be in the range of 90.0 GW to 100.0 GW for full year 2024, reflecting continued growth and demand for its products. The company remains focused on balancing market structure and profit margin levels while optimizing its assets and liabilities structure, further strengthening its resilience to risks.