Matterport Inc MTTR Stocks are tumbling after the company reported 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 analysts’ consensus estimate.
The company posted quarterly revenue of $39.55 million, which missed analysts’ consensus estimate of $40.22 million by 1.69% and represented a decrease of 3.88% from sales of $41.14 million year over year.
“We closed out 2023 on a strong note with total fourth quarter revenue of $39.5 million, in line with our guidance range. Subscription revenue growth accelerated to 23% year-over-year, exceeding our expectations, thanks to the widespread strength of our global customer base,” he said RJ PittmanCEO of Matterport.
“Our net dollar expansion rate rose to 109%, the highest level in two years, as we helped customers work faster and more efficiently to improve business productivity and reduce operating costs.”
View: Matterport expects first-quarter adjusted losses of 4 cents to 2 cents per share, compared to its estimate of losses of 3 cents per share, and first-quarter revenue of between $39 million and $41 million, compared to its estimate of $41.2 million of dollars.
The company expects full-year 2024 adjusted losses of between 11 cents and 7 cents per share, compared to its estimate of a loss of 10 cents per share, and full-year revenue of between $173 million and $183 million, compared at an estimate of $177.692 million.
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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