Shares of renewable energy company Bloom Energy (NYSE: BE) gained 16.9% through 11 a.m. ET Thursday after reporting a surprise quarterly profit Wednesday evening.

Heading into Q3 2023, analysts had forecast Bloom Energy would lose $0.04 per share, adjusted for one-time items, on sales of $369.6 million. In fact, Bloom earned a $0.15 per share profit, and its sales beat expectations as well -- $400.3 million.

Bloom's sales surged 37% year over year, setting a new record for quarterly revenue for the hydrogen power company, and that alone probably would have been enough to excite investors this morning. The fact that Bloom earned a profit when investors were expecting a loss, however, just added fuel (presumably, hydrogen fuel) to the fire.

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Source Fool.com