Bloom Energy (BE) Jumps to 52-Week High on Revenue Blowout

We recently published 10 Stocks Defying Wall Street Slump; 8 Hit Fresh Highs. Bloom Energy Corp. (NYSE:BE) is one of the best-performing stocks on Thursday.

Bloom Energy jumped to a new 52-week high on Wednesday, as investors cheered its strong revenue performance in the third quarter of the year, despite recording a higher net loss.

At intra-day trading, Bloom Energy Corp. (NYSE:BE) soared to a fresh record high of $144.2 before paring gains to end the day just up by 18.04 percent at $133.71 apiece.

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In an updated report, Bloom Energy Corp. (NYSE:BE) said it grew its third-quarter revenues by 57 percent to $519 million from $330 million in the same period last year, on the back of a 55.7 percent jump in product and service revenues during the same period.

Net loss attributable to shareholders, however, widened by 56 percent to $23 million from $14.7 million year-on-year, but was lower by 46 percent than the $42.6 million net loss in the last quarter.

Earlier this month, Bloom Energy Corp. (NYSE:BE) clinched a $5 billion financial backing from Brookfield Asset Management for the development of AI factories to take advantage of the growing demand for computing capacity.

The two firms are actively collaborating on the design and delivery of AI factories globally, including a site in Europe that will be announced before the end of the year.

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Disclosure: None. This article is originally published at Insider Monkey.