Matterport Inc (MTTR) shares are slipping after the company reported its fourth-quarter financial results after the bell on Tuesday. The company reported quarterly losses of 4 cents per share, meeting the analyst consensus estimate. However, quarterly sales of $39.55 million missed the analyst consensus estimate of $40.22 million by 1.69% and represented a 3.88% decrease over sales of $41.14 million year-over-year.
CEO of Matterport, RJ Pittman, stated, “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. 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.”
Looking ahead, 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. For the full year 2024, the company expects 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.
According to Benzinga Pro, Matterport shares are trading down 7.09% after-hours at $2.36 at the time of publication. Investors will be closely watching how the company performs in the upcoming quarters and how it executes its growth strategies to drive revenue and profitability.
In conclusion, Matterport’s fourth-quarter financial results may have disappointed some investors, but the company’s outlook for the future shows potential for growth and improvement. It will be interesting to see how Matterport navigates the challenges ahead and capitalizes on opportunities to drive shareholder value in the long term.
