What's Going On With Matterport Stock Today?

Matterport, Inc. MTTR shares are trading lower on Thursday after the company issued worse-than-expected revenue guidance.

What Happened: On Wednesday after market closure, Matterport announced fourth-quarter earnings and provided guidance for the first quarter and full-year 2023. 

The Details: Matterport said it expects first-quarter revenues to be in the range of $34 million-$36 million versus analyst expectations of $39.71 million. The company expects first-quarter losses to be in the range of $0.11-$0.09 per share.

Matterport said it expects full-year revenue to be in the range of $153 million-$169 million versus analyst expectations of $169.27 million. The company expects full-year losses to be in the range of $0.36-$0.32 per share.
Matterport said it believes 2023 can be another strong growth year while continuing to drive toward profitability despite ongoing economic uncertainty.

The company also reported fourth-quarter earnings and sales, beating analyst expectations. Matterport announced quarterly earnings of $(0.09) per share, beating the analyst estimate of $(0.10) per share. Additionally, the company reported record sales of $41.1 million, beating analyst estimates of $39.71 million.

"We delivered record revenue again in the fourth quarter, as our subscriber base continued to grow and our spaces under management exceeded 9 million," said RJ Pittman, chairman and CEO of Matterport.

Matterport aims to lead the digital transformation of the built world. Its spatial data platform turns buildings into data, making nearly every space more valuable and accessible.

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According to data from Benzinga Pro, Matterport shares were down 7.16%, trading at $3.24 at the time of publication. The stock has a 52-week high of $9.36 and a 52-week low of $2.37.

Photo: courtesy of Matterport.