Why Bloom Energy Stock Jumped 20% After Earnings
Fuel cell manufacturer Bloom Energy (NYSE: BE) soared 20.4% through 11:50 a.m. ET Friday, which is kind of strange... because last night Bloom Energy reported its Q3 earnings -- and it missed pretty badly.
Heading into the report, analysts forecast Bloom Energy would earn $0.08 per share on sales of $382.2 million. In fact, Bloom's Q3 sales were only $330.4 million, and instead of earning a profit, Bloom lost money -- $0.01 per share pro forma, and $0.06 per share, according to generally accepted accounting principles (GAAP).
Investors didn't care. Concurrent with the earnings news, you see, CEO KR Sridhar was able to announce a new partnership with South Korea's SK Eternix to build "the world's largest fuel cell power system and make it operational in 2025." Sridhar called the deal, at 80 megawatts, "a proof point for how Bloom Energy can power large AI data centers going forward."
Source Fool.com
