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Why Bloom Energy Had a Terrible Week

TheMotleyFool

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Why Bloom Energy Had a Terrible Week: https://g.foolcdn.com/editorial/images/766636/hydrogen-in-forest.jpg

Shares of hydrogen fuel cell company Bloom Energy (NYSE: BE) fell as much as 14.9% in trading this week and ended down 13.2% from last Friday's close, according to data provided by S&P Global Market Intelligence. Renewable energy stocks are selling off overall, but Bloom Energy's problems are related to a disappointing earnings report.

Revenue dropped 22.8% in the fourth quarter to $356.9 million, and non-GAAP gross margin dropped 300 basis points to 27.4%. Non-GAAP operating profit fell from $59 million in the year-ago quarter to $27.4 million.

Management said sales to South Korea have been weaker than expected, and that continued in 2024.

Source Fool.com

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