Matterport Inc (NASDAQ:MTTR) is trading significantly lower Thursday after the company announced worse-than-expected fourth-quarter earnings results and issued guidance below estimates.
Matterport reported quarterly revenue of $27.1 million, which beat the $25.13 million estimate. The spatial data company reported an earnings loss of 10 cents per share, which missed the estimate for a loss of 9 cents per share.
"Relentless innovation is the norm at Matterport, and with new products like Matterport Axis and Matterport for Android, we are racing to bring precision 3D capture and digital twins to everyone in the built world," said RJ Pittman, chairman and CEO of Matterport.
"Looking forward, the physical world is going digital. Every industry on every continent is embracing digitization, and I am more confident than ever about the company’s outlook for 2022 and the decade ahead."
Matterport expects first-quarter revenue to be between $25.5 million and $27.5 million versus the $31.9 million estimate. The company expects to lose between 15 cents and 13 cents per share in the quarter.
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Matterport is a spatial data company that aims to digitize and index the built world.
MTTR Price Action: Matterport has traded as low as $7.50 and as high as $37.60 since its public debut last year.
The stock was down 19.7% at $6.36 Thursday morning.
Photo: courtesy of Matterport.
