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Chinese solar firm LDK Solar (NYSE: LDK) reported earnings Wednesday, revealing that a massive writedown caused weaker-than-expected earnings. LDK reported a fourth-quarter loss of $1.25 per share, compared to a gain of 77 cents per share in the previous quarter and earnings of 44 cents per share in the same quarter last year.The company's revenue increased more than twofold compared to last year, but the $426.6 million was 21.3% lower on a sequential basis. Analysts were expecting a loss of 84 cents per share on revenue of $422 million. The quarterly results took a hit of $216.7 million related to an inventory writedown.
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