Bloom Energy stock falls 8% after Q1 miss

bloom-energy-stock-falls-8%-after-q1-miss

Bloom Energy Corp. BE, -6.55% stock dropped more than 8% in the extended session Thursday after the clean-energy company reported a wider-than-expected first-quarter loss and revenue was below estimates. Bloom said it lost $78 million, or 44 cents a share, in the quarter, compared with $25 million, or 15 cents a share, in the year-ago period. Adjusted for one-time items, Bloom lost 32 cents a share. Revenue rose to $201 million, which the company called a record, from $194 million a year ago. FactSet consensus called for a loss of 10 cents a share on sales of $218 million. “In many ways, Bloom Energy’s long-term view of the macro factors that would drive growth for our business are becoming reality,” Chief Executive and founder KR Sridhar said in a statement. Bloom can be “a meaningful contributor to the energy sector’s efforts to support decarbonization,” which is creating “significant demand” for Bloom’s products, the executive said. Bloom kept its 2022 outlook including revenue between $1.1 billion and $1.15 billion for the year, and adjusted gross margins around 24%. Shares of Bloom ended the regular trading day Thursday down 6.6%.

Source: Marketwatch

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