Bloom Energy Shares Climb After Q1 Results, Expanded Agreement With Intel
Portfolio Pulse from Erica Kollmann
Bloom Energy Corporation (NYSE:BE) reported Q1 financial results with losses of 17 cents per share, missing analyst estimates, and quarterly sales of $235.3 million, also below expectations. The company announced an expanded agreement with Intel Corporation (NASDAQ:INTC) for additional fuel cell-based Energy Server installations at Intel's Santa Clara data center. Despite the financial miss, Bloom reaffirmed its 2024 revenue outlook of $1.4 billion to $1.6 billion. Bloom Energy shares rose 5.88% in after-hours trading.
May 09, 2024 | 9:11 pm
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NEUTRAL IMPACT
Intel expands its agreement with Bloom Energy for additional fuel cell installations at its Santa Clara data center.
The news highlights Intel's investment in sustainable energy solutions through its partnership with Bloom Energy, which may positively influence its corporate responsibility image but is less likely to have a direct short-term impact on stock price.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 75
POSITIVE IMPACT
Bloom Energy reported lower-than-expected Q1 earnings and sales but expanded its partnership with Intel. Shares rose 5.88% after-hours.
Despite missing Q1 financial expectations, the positive market reaction to the expanded agreement with Intel and the reaffirmation of the 2024 revenue outlook likely contributed to the after-hours stock price increase.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100