Real estate focused virtual reality platform Matterport (NASDAQ:MTTR) will be reporting earnings today. Here's what you need to know.
Last quarter Matterport reported revenues of $39.6 million, up 38.9% year on year, in line with analyst expectations. It was a weak quarter for the company, with full-year revenue guidance missing analysts' expectations and underwhelming revenue guidance for the next quarter. The company added 56,000 customers to a total of 827,000.
Is Matterport buy or sell heading into the earnings? Read our full analysis here.
This quarter analysts are expecting Matterport's revenue to grow 3% year on year to $39.1 million, slowing down from the 37.4% year-over-year increase in revenue the company had recorded in the same quarter last year. Adjusted loss is expected to come in at -$0.06 per share.
Majority of analysts covering the company have reconfirmed their estimates over the last thirty days, suggesting they are expecting the business to stay the course heading into the earnings. The company missed Wall St's revenue estimates twice over the last two years.
Looking at Matterport's peers in the design software segment, some of them have already reported Q3 earnings results, giving us a hint what we can expect. Cadence delivered top-line growth of 13.4% year on year, beating analyst estimates by 1.8% and PTC reported revenues up 7.6% year on year, missing analyst estimates by 2.3%. Both stocks (Cadence and PTC) traded flat on the results.
Technology stocks have been hit hard on fears of higher interest rates and while some of the design software stocks have fared somewhat better, they have not been spared, with share price declining 2.7% over the last month. Matterport is up 2.8% during the same time, and is heading into the earnings with analyst price target of $4.4, compared to share price of $2.23.
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The author has no position in any of the stocks mentioned.