DM - Desktop Metal Earnings: Guidance Cuts and Liquidity Concerns
Desktop Metal (NYSE: DM) stock dropped nearly 12% last Thursday, following the 3D printing company 's release of its third-quarter report. The market was up big that day, with the S&P 500 index rocketing 5.5%. So, it's possible shares would have been walloped even harder had the market not had such a great day.
While Desktop Metal shares have since gained back their lost ground, the post-earnings-release decline still reflects that investors did not like the company's report. Indeed, it was a disappointing report. Specifically, third-quarter revenue and earnings fell short of Wall Street's expectations, management substantially lowered its full-year guidance for both the top line and a key profitability metric, and the company's cash-burn rate continued at a fast pace relative to its cash position.
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Desktop Metal Earnings: Guidance Cuts and Liquidity Concerns