Why Bloom Energy Stock Plunged This Week
Bloom Energy (NYSE: BE) shares dropped significantly on two bits of news this week. As of late Friday morning, the stock was about 25% below last week's closing price, according to data provided by S&P Global Market Intelligence.
The first news item from the fuel cell company this week was its first-quarter financial report. The good news was that the company generated record first-quarter revenue that jumped 37% compared to the prior-year period. Gross profit margin also improved both year over year and sequentially compared to the 2022 fourth quarter.
But Bloom also reported a loss as operating expenses soared. Operating expenses typically include overhead costs such as selling, general, and administrative (SG&A) as well as sales and marketing plus research and development (R&D).
Source Fool.com
