Stratasys' Earnings Miss Expectations; Stock Drops 7%
Stratasys (NASDAQ: SSYS) reported weak first-quarter 2020 results before the market opened on Thursday, May 14.
Shares dropped 7.4% on Thursday, which we can attribute to revenue and earnings both falling short of Wall Street's consensus estimates.
The 3D printing company was already struggling to grow revenue before the COVID-19 pandemic. As with many companies, including rival 3D Systems (NYSE: DDD), the crisis significantly hurt demand for its products and services in the latter part of the quarter. Many entities in its target verticals of automotive, aerospace, education, and, to a lesser extent, healthcare were shut down in March to help stem the spread of the virus.
Source Fool.com
