Plug Power (NASDAQ: PLUG) saw its stock price plummet by 5.23% during Wednesday's intraday trading session, as investors reacted to the company's underwhelming third-quarter financial results and reduced full-year guidance.
The hydrogen fuel cell company reported revenues of $173.7 million for Q3, representing a year-over-year decline of 12.6% and falling short of analysts' expectations by a significant 18.7%. This disappointing performance was compounded by the company's decision to lower its full-year revenue guidance, further eroding investor confidence in Plug Power's near-term growth prospects.
Despite the setback, Plug Power's CEO Andy Marsh remained optimistic about the company's future, highlighting progress in electrolyzer deployments, advancements in hydrogen production, and expansion into new markets. However, the market's reaction suggests that investors are more focused on the company's current financial performance and immediate outlook, leading to the sharp decline in stock price.
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