3D Systems Stock Is Taking A Hit Wednesday: What's Happening?
Portfolio Pulse from Adam Eckert
3D Systems Corp (NYSE:DDD) shares are trading lower after the company reported preliminary Q3 revenue of $123-124 million, down $8.3-9.3 million YoY due to soft printer demand. The company also announced a new restructuring initiative to improve operational efficiency, which is expected to result in annual savings of $45-55 million. Due to market softness and macroeconomic uncertainty, 3D Systems has withdrawn its full-year 2023 financial guidance.
October 25, 2023 | 7:21 pm
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NEGATIVE IMPACT
3D Systems' stock is trading lower due to disappointing preliminary Q3 results and the announcement of a restructuring initiative. The withdrawal of its 2023 financial guidance also adds to the uncertainty.
3D Systems' lower than expected Q3 revenue and the announcement of a restructuring initiative are likely to negatively impact investor sentiment. The withdrawal of its 2023 financial guidance adds to the uncertainty, which could further pressure the stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100