Why Bloom Energy Stock Just Plunged 11.5%
Shares of hydrogen fuel cell company Bloom Energy (NYSE: BE) are in free fall this morning, down 11.5% as of 11:45 a.m. despite the company having just reported better-than-expected revenues and a narrower GAAP loss for its fiscal second quarter of 2020.
Heading into the quarter, analysts had forecast that Bloom would report sales of no more than $171.2 million for Q2, but the actual number, although down 6% year over year, was still not as bad as expected -- $187.9 million.
Gross profit margins slipped only a bit at the renewable energy company -- down 20 basis points to 14%. But much-reduced operating expenses allowed Bloom to continue improving its numbers on the bottom line. While still unprofitable, Bloom managed to cut its GAAP loss by more than half, to just $0.34 per share.
Source Fool.com
