Suntech Power Holding Co on Thursday saw its shares fall 7.8 percent after it posted a first quarter net loss of 96 percent.

Its first quarter loss fell $1.8 million or $0.01 per diluted ADS from $46.7 million or $0.27 per ADS in the same quarter a year earlier and revenue dropped 27 percent to $315.7 million from $434.5 million in the same period a year ago.

However, it expects revenue growth in the second quarter of 2009 and expects to save about $100 million in 2009. Analyst forecast an estimated loss of 6 cents per ADS and revenue of $350.9 million.

It also offers addition option to the underwriters to purchase up to 3,000 ADS to cover over allotments.

Shares of STP fell $1.68 or 10.60% at $14.25 in the regular trading.