DM - Why Desktop Metal Was Outpacing the Market Today
Desktop Metal (NYSE: DM) stamped out its latest set of quarterly earnings Tuesday morning, and investors were figuring out just what to make of them. Shares of the 3D printer manufacturer seesawed between marginal gains and slight losses, generally hovering slightly above the performance of the S&P 500 index. As of mid-afternoon trading, Desktop Metal's shares were flat against the previous day's close.
For the quarter, Desktop Metal posted record revenue of just under $58 million -- more than triple the nearly $19 million in the same quarter last year and slightly above analyst estimates. However, the company's non-GAAP (adjusted) net loss deepened to more than $30 million ($0.10 per share) from the year-ago shortfall of just over $21 million. Collectively, prognosticators were expecting a deficit of only $0.08 per share.
Desktop Metal quoted its founder and CEO, Ric Fulop, as saying that "Our strong financial results represent the strength and breadth of our unmatched AM 2.0 portfolio as our team continues to execute at a high level in a dynamic macro environment."
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Why Desktop Metal Was Outpacing the Market Today