GCL Technology Witnessing Drastic Profit Loss Due to Declining Polysilicon Prices

Monday, 18 March 2024, 16:30

GCL Technology, a prominent player in the tech industry, recently faced a significant setback as its revenue dropped by 6.2% to 33.7 billion yuan ($4.68 billion) and its profit nosedived by 85% to 2.5 billion yuan. This plunge in profits can be attributed to the ongoing decrease in polysilicon prices, impacting the company's financial performance severely.
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GCL Technology Witnessing Drastic Profit Loss Due to Declining Polysilicon Prices

GCL Tech Profit Plummets On Falling Polysilicon Prices

GCL recently disclosed that its revenue for the year declined by 6.2% to 33.7 billion yuan ($4.68 billion), accompanied by an 85% drop in profit to 2.5 billion yuan.

This drastic decline can be mainly attributed to the falling prices of polysilicon in the market, significantly affecting GCL Tech's financial standing.


This article was prepared using information from open sources in accordance with the principles of Ethical Policy. The editorial team is not responsible for absolute accuracy, as it relies on data from the sources referenced.


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