DM - Desktop Metal Earnings Miss Expectations; Company Announces ExOne Acquisition
Desktop Metal (NYSE: DM) reported second-quarter 2021 results after the market close on Wednesday that were "mixed," in Wall Street lingo. The 3D printing company's revenue was in line with analysts' expectations, but its bottom line fell short of the consensus estimate.
The company's biggest news on Wednesday, however, came minutes before the earnings release: It announced that it was acquiring The ExOne Company (NASDAQ: XONE) , its most direct competitor in metal 3D printing, which also uses binder-jetting technology.
Shares of Desktop Metal (which began trading in December 2020 following the company's reverse merger with a special purpose acquisition company, or SPAC ) rose 2% in after-hours trading, while ExOne stock skyrocketed 39.2%.
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Desktop Metal Earnings Miss Expectations; Company Announces ExOne Acquisition