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Matterport (MTTR) Reports Earnings. What To Expect

StockStory - Sun Nov 5, 2023

MTTR Cover Image

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, it's free.

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.

Matterport Total Revenue

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. 

Read our full analysis of Cadence's results here and PTC's results here.

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.

One way to find opportunities in the market is to watch for generational shifts in the economy. Almost every company is slowly finding itself becoming a technology company and facing cybersecurity risks and as a result, the demand for cloud-native cybersecurity is skyrocketing. This company is leading a massive technological shift in the industry and with revenue growth of 70% year on year and best-in-class SaaS metrics it should definitely be on your radar.

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The author has no position in any of the stocks mentioned.

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