Why Plug Power Shares Plunged Today
Plug Power (NASDAQ: PLUG) reported record revenue in its second-quarter results on Wednesday, but the stock was tanking anyway Thursday morning. After dropping more than 15%, Plug shares were trading lower by 13.2% as of 10:55 a.m. ET.
The hydrogen production and fuel cell company generated $260 million in revenue in the second quarter, representing a 72% increase versus the prior-year period. Plug also reaffirmed its full-year sales estimate.
That's good news for the upstart clean energy company as sales increased from legacy fuel cell customers as well as growth areas including cryogenics and liquefaction. But investors were more focused on what the company said about the hydrogen production facilities the company has invested billions to build across the country.
Source Fool.com
