First Solar (NASDAQ: FSLR) enjoyed a satisfying 5% pop in its stock price following the release of its fourth-quarter and full 2016 results.

For the quarter, revenue dove by almost 50% on a year-over-year basis to $480 million. On the bottom line, the company swung to a loss, largely due to restructuring charges -- it posted a deficit of nearly $720 million, against a profit of $164 million in the same quarter the previous year.

On an adjusted basis, though, net income was $129 million ($1.24 per share). That handily beat analysts' average estimate of $0.97. The top line result also well exceeded analysts' projections; on average, these anticipated a figure just under $413 million.

For the full year, First Solar booked net sales of $2.95 billion, down from $3.58 billion in 2015. The company's net loss was nearly $358 million, quite a flip from the $546 million profit it made the previous year. On an adjusted basis, however, the bottom line landed in the black, at almost $535 million ($5.17 per share).

Looking forward, First Solar raised its guidance for sales in the current fiscal year. It now believes its top line for 2017 will come in between $2.8 billion and $2.9 billion. Although that range is below its 2016 result, it's a notable improvement over the company's previously forecast range of $2.5 billion to $2.6 billion. Meanwhile, its forecast earnings per share range was unchanged at $0 to $0.50.

Despite the sales and earnings beats, and resulting stock price pop, the market clearly remains cautious about First Solar. The shares are still down by almost 42% over the past year.

10 stocks we like better than First Solar
When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.*

David and Tom just revealed what they believe are the 10 best stocks for investors to buy right now... and First Solar wasn't one of them! That's right -- they think these 10 stocks are even better buys.

Click here to learn about these picks!

*Stock Advisor returns as of February 6, 2017

Eric Volkman has no position in any stocks mentioned.

Want to learn how to invest?

Get a free 10 week email series that will teach you how to start investing.

Delivered twice a week, straight to your inbox.