Matterport Inc MTTR shares are trading higher in Thursday's after-hours session after the company reported better-than-expected financial results and issued strong guidance.
Matterport said third-quarter revenue increased 37% year-over-year to $37.99 million, which beat average analyst estimates of $35.94 million, according to Benzinga Pro. The company reported a quarterly adjusted loss of 9 cents per share, which beat average estimates for a loss of 13 cents per share.
"Our focus on operational efficiency began yielding savings a quarter earlier than planned, and with our strong revenue growth, enabled non-GAAP net loss to improve by 24% sequentially, resulting in a narrower loss relative to our guidance range," said JD Fay, CFO of Matterport.
Matterport expects fourth-quarter revenue to be between $39 million and $41 million versus average analyst estimates of $38.78 million. The company expects a fourth-quarter net loss of 9 cents to 11 cents per share versus average estimates for a loss of 12 cents per share.
Matterport expects full-year revenue to be between $134 million and $136 million versus average estimates of $132.35 million. The company anticipates a full-year net loss of 41 cents to 43 cents per share versus average estimates of 48 cents per share.
MTTR Price Action: Matterport has a 52-week high of $21.20 and a 52-week low of $2.62.
The stock was up 11.2% in after hours at $3.37 at time of publication.
Photo: courtesy of Matterport.
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