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Stratasys Ltd. (NASDAQ: SSYS) may have risen more than 3% ahead of earnings, but its share price lost more than twice its prior day’s gain after releasing financial results for the first quarter of 2018. The news was not having a major impact on other 3D printing players, although the price action versus prior highs might already be pricing in some bad news — or at least a serious lack of enthusiasm.

Stratasys reported revenues of $153.8 million and earnings of $0.05 on adjusted basis. Thomson Reuters was calling for $167.5 million in revenues and $0.09 in adjusted earnings per share. The company did admit that it was disappointed with its first-quarter sales and cited underperforming North American operations around high-end system orders. The weakness was seen in government, automotive and aerospace.

While the quarter was disappointing, Stratasys said that it generated $27.1 million in cash from operations in the first quarter and it now has $346.5 million in cash and cash equivalents.

Stratasys did somehow reiterate the company’s guidance for projected revenue and net income for fiscal year 2018: Revenue guidance of $670 million to $700 million and adjusted net income of $16 million to $27 million, generating adjusted earnings of $0.30 to $0.50 per share. The company is also targeting non-GAAP operating margins of 4.5% to 6% and capital expenditures of $40 million to $50 million.

As far as the spillover effect, the other two main 3D printing stocks were much lower as well.

3D Systems Corp. (NYSE: DDD) was last seen down 1% at $10.30, but trading volume was light. 3D Systems has a 52-week range of $7.92 to $23.70.

ExOne Co. (NASDAQ: XONE) was last seen flat on the day at $6.94, after having traded as low as $6.87 earlier. It has a 52-week range of $6.72 to $14.43.

Stratasys shares were last seen down 8.9% at $18.10 on more than four times normal trading volume late on Wednesday afternoon. Its 52-week range is $17.30, hit earlier in the day, to $30.88.

Stratasys added commentary about the general trends it sees ahead:

We do not believe that our first quarter revenue represents a fundamental change in the demand environment in the North American market. We continue to maintain a strong pipeline of opportunities, and are not modifying the full year guidance we issued earlier this year. Despite our revenue results in the period we continued our positive trend of operational discipline and cash generation. We remain committed to our investments in long-term initiatives that include advancements in our core FDM and PolyJet technologies, new metal additive manufacturing platform, advanced composite materials, and software and application development.

Apparently, shareholders believe something else.