Real estate-focused virtual reality platform Matterport (NASDAQ:) reported results in line with analyst expectations in the first quarter of fiscal 2024, with revenue rising 4.9% year over year to $39.87 million. It had a non-GAAP loss of $0.01 per share, improving from its loss of $0.07 per share in the same quarter last year.
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Matterport (MTTR) Q1 2024 Highlights:
- Matterport Advertise on April 22, 2024 it will be I got it as a costar In a half cash, half stock deal $5.50 per shareRepresent Share value Approximately $2.1 billion And project value Approximately $1.6 billion
- he won: $39.87 million vs. analyst estimates of $40.03 million (small error)
- Earnings per share (non-GAAP): -$0.01 versus analyst estimates of -$0.03
- Gross Profit Margin (GAAP): 49.1%, up from 43.2% in the same quarter of last year
- Free cash flow It was -$6.06 million compared to -$10.42 million in the previous quarter
- Client: 1 million, up from 938,000 in the previous quarter
- Market value: $1.43 billion
Founded in 2011 before any VR headset was on the market, Matterport (NASDAQ:MTTR) provides the hardware and software needed to transform real-world spaces into 3D visualization.
Design software: Demand for rich, interactive 2D, 3D, VR and AR experiences is on the rise, and while the ubiquitous metaverse may still be more of a buzzword than an actual thing, what's real is the demand for the tools to create these experiences Whether it is games, 3D tours or interactive films.
Sales Growth As you can see below, Matterport's revenue growth has been moderate over the past three years, rising from $26.93 million in the first quarter of 2021 to $39.87 million this quarter.
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Matterport's quarterly revenue was up just 4.9% year over year, which may disappoint some shareholders. However, its revenue increased by $327,000 quarter-on-quarter, which is a strong improvement compared to the $1.10 million decline in Q4 2023. This is a sign of accelerating growth and is very nice to see indeed.
Looking ahead, analysts covering the company were expecting sales to grow 13.5% over the next 12 months before the earnings results were announced.
Matterport reported customer growth of 1 million at the end of the quarter, an increase of 62,000 from the previous quarter. This is better customer growth than last quarter and is in line with what we've seen in past quarters, demonstrating that the company has the sales momentum needed to drive continued growth. We have no doubt that shareholders will take this as an indication that Matterport's go-to-market strategy is going smoothly.