3D Systems falls on withdrawing annual guidance

3D Systems

25/10/2023 13:56

** Shares of 3D Systems Corp  DDD.N  fall ~15% to $3.76
premarket
    ** Co withdraws full-year 2023 guidance, citing softness in
printer demand along with an uncertain macroeconomic and
geopolitical environment
    ** Co now expects Q3 revenue between $123 mln-$124 mln,
compared to $132.3 mln last year
    ** DDD announces restructuring initiative to deliver savings
of $45 mln–$55 mln by end-2024, with the majority of the cost
takeout to occur by end-Q1 2024
    ** Co is expected to release Q3 2023 results on Nov. 6
    ** Up to Tuesday's close, stock had fallen 40.41% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))