Why Xometry Stock Skyrocketed Today
Shares of custom manufacturing platform Xometry (NASDAQ: XMTR) skyrocketed on Wednesday after the company announced financial results for the first quarter of 2023. As of 2 p.m. ET, Xometry stock was up a whopping 35%.
In Q1, Xometry generated revenue of $105 million, up 26% year over year and ahead of management's guidance of $100 million to $102 million.
The company offers a two-sided marketplace that connects buyers with makers of custom manufactured products, like sheet metal forming and CNC machining. But it also sells digital services to suppliers. Revenue for its supplier services business fell 3% compared to the same quarter of 2022, but its marketplace revenue soared 35% higher.
Source Fool.com
