Why Bloom Energy Slumped 22.5% in February
Shares of Bloom Energy (NYSE: BE) tumbled 22.5% in February, according to data provided by S&P Global Market Intelligence. The energy technology company's fourth-quarter results disappointed investors, as did its 2024 revenue guidance. On top of that, its well-regarded CFO is leaving the company.
Bloom Energy's revenue plunged 22.8% during the fourth quarter to $356.9 million. Its adjusted earnings also slumped, falling from $59 million, or $0.27 per share, in the year-ago period to $27.4 million, or $0.07 per share. Both numbers missed analysts' expectations of $470.8 million in revenue and adjusted earnings of $0.09 per share.
The company also issued disappointing guidance. It expects revenue to be between $1.4 billion and $1.6 billion this year. That's well below the analysts' consensus estimate of nearly $1.8 billion. A driving factor is the company's decision to pause deployments to Korea as it adapts to a new government policy.
Source Fool.com
