Matterport Stock Falls After Q4 Sales Miss, Weak Guidance

Matterport Inc MTTR shares are slipping after the company reported its fourth-quarter financial results after the bell Tuesday. Here's a look at the details.

The Details: Matterport reported quarterly losses of 4 cents per share which met the analyst consensus estimate.

The company reported quarterly sales of $39.55 million which missed the analyst consensus estimate of $40.22 million by 1.69% and represents a 3.88% decrease over sales of $41.14 million year-over-year.

“We closed 2023 on a high note with fourth quarter total revenue of $39.5 million, in line with our guidance range. Subscription revenue growth accelerated to 23% year-over-year, ahead of our expectations, driven by broad-based strength across our global customer base,” said RJ Pittman, CEO of Matterport.

“Our net dollar expansion rate expanded to 109%, the highest level in two years, as we helped customers work faster and more efficiently to improve business productivity and reduce operational costs.”

Outlook: Matterport sees first-quarter adjusted losses of between 4 cents and 2 cents per share, versus the estimate of losses of 3 cents per share and first-quarter revenue of between $39 million and $41 million, versus the $41.2 million estimate.

The company sees full year 2024 adjusted losses of between 11 cents and 7 cents per share, versus the estimate of a loss of 10 cents per share, and full year revenue of between $173 million and $183 million, versus the $177.692 million estimate.

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MTTR Price Action: According to Benzinga Pro, Matterport shares are trading down 7.09% after-hours at $2.36 at the time of publication.

Photo: Klaus Scheiber from Pixabay