3D Systems Stock Is Taking A Hit Wednesday: What's Happening?

3D Systems Corp DDD shares are trading lower Wednesday. The company reported preliminary results and announced an additional restructuring initiative.

What Happened: 3D Systems said it expects third-quarter revenue to be between $123 million and $124 million, which would be down about $8.3 million to $9.3 million on a year-over-year basis, "driven primarily by continued softness in printer demand."

"This, combined with continued uncertainty in the macroeconomic and geopolitical environment, is leading the company to withdraw its full-year 2023 financial guidance," the company said. 

Given the softness in the market, 3D Systems announced a new restructuring initiative aimed at improving operational efficiency. The company said it mainly involves rationalizing its headcount and business locations and is expected to result in annual savings of $45 million to $55 million. 

3D Systems will report its third-quarter financial results on Nov. 8.

See Also: Why Sonnet BioTherapeutics (SONN) Stock Is Getting Hammered

DDD Price Action: 3D Systems shares were down 11.45% at $3.90 at the time of publication, according to Benzinga Pro.

This illustration was generated using artificial intelligence via MidJourney.