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Matterport Inc (NASDAQ:MTTR) shares are trading higher Thursday after the company reported better-than-expected earnings results and issued guidance above analyst estimates.
Matterport reported second-quarter revenue of $28.48 million, which missed the estimate of $29.6 million, according to Benzinga Pro. The company reported a quarterly net loss of 12 cents per share, which beat the estimate for a loss of 14 cents per share.
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Matterport said it increased its subscriber count by 52% in the quarter, bringing total subscribers up to 616,000.
"Our laser focus on delivering measurable customer value for large enterprises and small businesses alike is fueling our growth and scaling our platform," said RJ Pittman, chairman and CEO of Matterport.
Matterport expects third-quarter revenue to be between $35 million and $37 million versus the estimate of $32.94 million. The company expects a third-quarter earnings loss in the range of 13 to 15 cents per share.
Full-year revenue is expected to be between $132 million and $138 million versus the estimate of $127.47 million.
Following the company's quarterly results, Piper Sandler analyst Brent Bracelin maintained Matterport with an Overweight rating and raised the price target from $5 to $7.
MTTR Price Action: Matterport has a 52-week high of $21.20 and a 52-week low of $3.51.
The stock was up 21.4% at $6.30 at time of publication.
Photo: courtesy of Matterport.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.