Desktop Metal Inc Up 6.41% To $0.97 After Earnings Miss

Thursday, November 9, 2023 - Desktop Metal Inc (DM) reported downside earnings and revenues today.

Wall Street earnings per share (EPS) projections for Desktop Metal Inc were at a loss of $0.04 per share. The company missed those estimates with an EPS loss of $0.08 per share. The loss of $0.08 per share (which represents a -100% EPS surprise) led to the company's profits rising 20% compared to last year when the firm reported an EPS loss of $0.10 per share. The increase in Desktop Metal Inc's annual growth rate represents how the business is performing well amid recent economic conditions.

Revenues were downbeat at $42.8 million. That represents a 9.21% decrease in revenues from the year-ago report and is 18.21% lower than consensus estimates set at $52.3 million.

The stock is up 6.41% to $0.97 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

Wall Street Analysts had an average rating of Strong Buy on the stock prior to the report.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 30. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

Desktop Metal Inc manufactures 3-dimensional printers to make metal and carbon fiber 3D printing accessible to all engineers, designers, and manufacturers. 3D metal printing helps in the design and development of automotive parts, consumer goods, manufacture of industrial equipment, and design of mechanical systems. The company ships its product to markets in the Americas, Europe Middle East and Africa (EMEA), and Asia Pacific (APAC).