Why Is Desktop Metal Stock Gaining Today?
Portfolio Pulse from Akanksha Bakshi
Desktop Metal Inc (NYSE:DM) reported a Q4 fiscal 2023 revenue of $52.30 million, surpassing expectations and showing a 13.7% decline YoY. The company's net loss decreased, and adjusted gross margin improved. Despite not meeting the A-EBITDA target, the CEO remains optimistic about reaching profitability. Desktop Metal forecasts 2024 revenue between $175 million and $215 million, with an adjusted EBITDA loss of $30 million to $10 million. Shares surged 19.6% to $0.7369.
March 15, 2024 | 2:29 pm
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Desktop Metal reported better-than-expected Q4 revenue and a significant reduction in losses, with shares rising 19.6%.
The positive earnings report, showing revenue beat, reduced losses, and improved margins, coupled with an optimistic outlook for 2024, likely contributed to the stock's significant price increase. The company's progress towards profitability and strong demand for its products are positive indicators for investors.
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