DM - Why Desktop Metal Shares Popped 26% This Morning
Shares of 3D printer maker Desktop Metal (NYSE: DM) surged 26.3% through 12:30 p.m. ET on Thursday after beating analyst sales projections for the fiscal fourth quarter.
Its financial report, which came out after close of trading Wednesday, showed that the company generated $60.6 million in revenue in the fourth quarter, while Wall Street only expected $54.4 million. Investors seem to be taking the outperformance as great news. But how great was it, exactly?
Desktop beat on sales, but its year-over-year growth for the quarter was actually less than 7%. For all of 2022, sales grew 86%, so in fact, the fourth quarter represented a pretty steep slowdown in growth .
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Why Desktop Metal Shares Popped 26% This Morning