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Source: Postmodern Studio / ShutterstockPlug Power (NASDAQ:PLUG) stock isn’t doing so hot on Friday after the hydrogen ecosystem company provided a revenue warning to investors.
The big takeaway here is Plug Power saying it no longer expects to meet its full-year revenue guidance of $900 million to $925 million for 2022. Instead, the company now warns that revenue could come in 5% to 10% lower than previously predicted.
To put that in perspective, Wall Street is looking for Plug Power to report revenue of $912.61 million for 2022. Based on that updated outlook, it seems likely that Plug Power’s 2022 revenue will miss estimates.
Why the Guidance Cut?
Plug Power says there are a few reasons behind its cut revenue outlook for the year. That includes projects that were going to be completed in 2022 being delayed to 2023. It attributes this to timing and supply chain issues.
While Plug Power only recently became aware of these delays, it promises investors they won’t stretch beyond 2023. The company will provide further updates and more details to investors during its Plug Symposium on October 19.
PLUG stock is falling 5.4% as of Friday afternoon as strong trading pulls shares down. As of this writing, some 20 million shares have changed hands. That’s just below its daily average trading volume of 21 million shares.
Investors looking for more of the latest stock market new for today are in luck!
InvestorPlace is home to all of the hottest stock news traders need to know about on Friday! A few examples include what has shares of Eargo (NASDAQ:EAR), Revlon (NYSE:REV), and Castellum (NYSEMKT:CTM) stock moving today. You can read up on all of this news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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