Why 3D Systems Stock Withered This Week
Barely over a week after it released (very) delayed first-quarter results, 3D Systems (NYSE: DDD) went back to the printing presses to publish a new set of quarterlies. Investors weren't impressed with the 3D printing company's Q2, as the stock traded down by almost 19% over the course of this week, according to data compiled by S&P Global Market Intelligence.
On Thursday, 3D Systems unveiled those Q2 figures. These revealed that the company's revenue slipped by 12% year over year to just over $113 million. Not surprisingly, this decline was due mainly to lower sales of printers, which in turn was because of one unnamed customer in the dental field that reduced its purchases of 3D Systems machines. This drop was offset to some degree by an increase in services revenue. However, this wasn't enough to halt the decline of the total.
On the bottom line, the generally accepted accounting principles (GAAP) net loss was $27.3 million, a slight improvement over the nearly $29 million shortfall of 2023's Q2. On a non-GAAP (adjusted), per-share basis, the company's net loss was $0.14.
Source Fool.com
