After reporting stronger-than-expected first-quarter results yesterday, Matterport (NASDAQ:MTTR) stock is up 10% in morning trading. Matterport’s revenue came in at $28.5 million, versus analysts’ average outlook of $27.5 million. It reported a loss of 10 cents per share, which was better than analysts’ mean outlook of a per-share loss of 14 cents.
Matterport, which markets its “spatial data platform” to real estate firms and other companies, noted that its subscriber base had soared 70% year over year to 562,000 in Q1. The firm’s subscription revenue, however, increased 24% YOY, while its overall top line climbed only 6% YOY.
MTTR Stock Climbs on Q1 Beat
The company reiterated its previous Q2 revenue guidance of $28.5 million to $30.5 million. Analysts’ average estimate was $31 million. It expects a per-share loss, excluding certain items, of 13 cents to 15 cents. Analysts’ average outlook was a per-share loss of 12 cents.
“The number of industry-leading companies that are embedding Matterport into their daily workflows to manage their real estate assets online is bigger than ever and expanding internationally,” said Matterport CEO RJ Pittman on the company’s Q1 earnings conference call yesterday. Adding that “22% of … Fortune 1000” firms currently use Matterport’s platform, Pittman believes that the tech company can greatly increase its customer base and revenue going forward.
In a note to investors today, Deutsche Bank cut its price target on MTTR stock to $7 from $9. Calling the Q1 report “broadly inline,” the firm maintained a “buy” rating on the name.
On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.