It was a bad day for Xometry (NASDAQ:XMTR). The 3D printing company plunged over 40% at the time of writing, thanks in large part to a lousy fourth quarter and a first quarter that isn’t looking too much better. Xometry turned in fairly substantial losses, and worse yet, losses even deeper than expected by analysts. Earnings per share posted a loss of $0.29 per share, while analysts looked for a loss of just $0.23 per share.
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In spite of this loss, Xometry turned in significantly higher revenue. Sales increased 46.3%, reaching $98.2 million. Sounds great, but even this surge failed to satisfy expectations. Projections looked for $104.32 million to come in for the latest quarter. Bad news by itself, but the future projections offered no help.
Xometry looks for the first quarter of 2023 to offer revenue of $100 million to $102 million. Projections looked for $113.09 million, already a major miss. Full-year 2023 outlook proved the same story. Xometry looked for full-year 2023 revenue between $470 million and $480 million. Analyst consensus looked for $517.65 million. Xometry’s planned cost-saving measures didn’t offer much help, as it planned a layoff that would take 6% of its workforce off the table. It also planned to refocus its sales efforts on its top 200 customers, a move that may or may not ultimately work.
Hedge funds are also starting to sour on Xometry and now have a negative confidence level. Indeed, for the first time in over a year, hedge funds decreased holdings by a combined total of 236,600 shares last quarter.
