Why Xometry Stock Jumped Today
Shares of manufacturing marketplace business Xometry (NASDAQ: XMTR) jumped on Tuesday after the company reported financial results for the third quarter of 2024 that significantly outpaced expectations. As of 12:40 p.m. ET, Xometry stock was up 18%.
Take the magnitude of the jump today with a grain of salt -- Xometry stock usually has low trading volume and any news can cause large swings in the stock price. But Q3 results were quite good. Revenue of $142 million was up 19% year over year and well ahead of management's guidance of $138 million, at best.
Xometry's revenue guidance wasn't necessarily amazing, but it didn't put a damper on investors' party. The company believes it can grow the top line by 14% year over year in the upcoming fourth quarter. That's a big step down from its Q3 growth and its 31% growth in the fourth quarter of 2023.
Source Fool.com
