Matterport, Inc. (NASDAQ:MTTR) shares closed more than 24% on Friday following the company’s reported Q3 results, with EPS of ($0.09) coming in better than the Street estimate of ($0.14). Revenue was $37.99 million, beating the Street estimate of $35.95 million, partially driven by better-than-expected subscription and services growth.
The company continues to see limited macro impact with most of the uncertainty impacting its SMB customer base. Enterprise continues to hold up well and likely could accelerate as investments into product, support and go-to-market are starting to pay off. Q3 EBITDA along with implied Q4 margins came in better than expected on the back of strong cost management, which will be likely well received given the uncertain macro backdrop and investor frustration with the lack of profitability.