Shares of solar power company SunPower ( SPWR ) soared more than 14% Wednesday after the company announced layoffs and other measures to cut costs as it struggles through an industry hit by falling prices. SunPower will cut 2,400 employees from its global workforce, about 25% of its staff; reduce 2017 annual operating expenses to less than $350 million; and "substantially decrease" 2016 inventory to improve working capital and de-lever its balance sheet. It will also close a solar-cell fabrication plant in the Philippines. The San Jose, Calif.-based company said it will slash 2017 capital expenditure by more than half, to about $100 million. It also will "continue to invest in next-generation cell and module technology as well as complete solutions." SunPower stock jumped 99 cents to 7.95 at the close on the stock market today. SunPower stock has plummeted more than 75% this year, touching a nearly four-year low of 6 on Nov. 9.