What Happened:
Shares of real estate focused virtual reality platform Matterport (NASDAQ:MTTR) jumped 5.58% in the after-market session after the company reported first-quarter results that exceeded analysts' revenue and earnings per share (EPS) estimates. Customer growth accelerated. However, cash burn increased. Regardless, revenue and EPS guidance for the next quarter and the full year were slightly ahead of Consensus. Considering an uncertain macro and mixed quarterly performance from SaaS peers, this was a solid quarter. After the initial pop the shares cooled down to $2.79, up 3.72% from previous close.
What is the market telling us:
Matterport's shares are very volatile and over the last year have had 62 moves greater than 5%. In context of that, today's move is indicating the market considers this news meaningful but not something that would fundamentally change its perception of the business.
Matterport is up 4.09% since the beginning of the year, but at $2.79 per share it is still trading 54% below its 52-week high of $6.06 from August 2022. Investors who bought $1,000 worth of Matterport's shares at the IPO in February 2021 would now be looking at an investment worth $260.19.
Is now the time to buy Matterport? Access our full analysis of the earnings results here, it's free.