Bloom Energy Stock Tanks On Q4 Performance: Earnings Miss, Subpar Outlook and More

Bloom Energy Corporation BE shares are down after the company reported worse-than-expected fourth-quarter financial results after the bell Thursday. Here's a look at the details.

Bloom Energy reported quarterly earnings of 7 cents per share, which missed the analyst consensus estimate of 11 cents by 36.36%.

The company reported quarterly sales of $356.92 million, which missed the analyst consensus estimate of $476.28 million by 25.06% and is a 22.84% decrease over sales of $462.58 million in the same period last year.

Bloom Energy also said it saw record revenue of $1.3 billion for the full year driven by continued growth in product and service revenue.

"At Bloom Energy, our relentless focus on operational excellence and innovation helped us achieve a year of record revenue in 2023," said KR Sridhar, CEO of Bloom Energy.

"In order to meet the growing demand for fast, efficient, clean energy across industries from data centers to industrial applications, we have continued to develop and commercialize innovative new offerings, including our Combined Heat and Power system announced in 2023, and our Be Flexible load following product offering announced this week," Sridhar added.

Outlook: Bloom Energy expects full-year 2024 revenue in the range of $1.4 billion to $1.6 billion, below the estimate of $1.769 billion.

Related News: SSR Mining Stock Craters After Çöpler Mine Operations Suspended

BE Price Action: According to Benzinga Pro, Bloom Energy shares are trading down 16.2% after-hours at $10.03 at the time of publication.

Image: Hans from Pixabay