Here is why Matterport Inc. (MTTR) stock underperformed on Wednesday?

Matterport Inc. (MTTR) shares plunged 8.35% in after-hours on Wednesday, November 03, 2021, and closed the daily trading at $21.61. Even in the regular trading session, MTTR’s stock lost 1.38%. The stock volume remained at 6.31 million shares. MTTR shares have moved up 28.43% in the past week. Over the past three months, the stock has gained 53.32%, while over the past six months, it has jumped 102.40%.

Let’s have a look at its recent news and developments.

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MTTR recent financial results

On November 03, 2021, Matterport, Inc (MTTR), released financial results for the quarter ended September 30, 2021.

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Q3 2021 financial highlights

  • MTTR reported total revenue of $27.7 million in Q3 2021 compared to $25.07 million in Q3 2020.
  • The total cost of revenue was $13.5 million in Q3 2021 compared to $10.08 million in Q3 2020.
  • Total operating expenses were $58.54 million in Q3 2021 compared to $13.8 million in Q3 2020.
  • It suffered a net loss of $168 million in Q3 2021 compared to a net loss of $906,000 in Q3 2020.
  • GAAP loss per share was $0.86 in Q3 2021 compared to nil in Q3 2020.

MTTR 3D Capture Worldwide availability

On October 28, 2021, Matterport, Inc. (MTTR) announced the availability of Matterport 3D Capture worldwide for Android users to instantly create a dimensionally accurate digital twin of buildings and spaces.

The 3D capture app is now available in 175 countries through the Google Play app store and Matterport aims to sharply accelerate its progress toward digitizing the built world.

MTTR selected by Horizon Yachts

On October 21, 2021, Horizon Yachts selected Matterport, Inc. (MTTR) to Digitize its Luxury Vessels Across the World. Horizon Yachts using Matterport 3D experiences to sell high-end yachts unseen in the last 18 months.

Horizon Yachts is the fifth largest custom yacht builder in the world, to market and sell their luxury vessels faster and deliver a superior customer experience.

Swinerton saving money by using MTTR technology

On October 14, 2021, Matterport, Inc. (MTTR) announced that Swinerton, a California-based construction firm, uses Matterport to significantly reduce costs associated with project delays and travel to sites by staff, stakeholders and clients.

The company is using digital twins of projects throughout the construction process, which help the company in checking visually document site conditions in a photorealistic and dimensionally accurate way. This enables teams to precisely measure spaces without the need to be there in person.

Cushman & Wakefield using MTTR Capture Services

On October 07, 2021, Cushman & Wakefield successfully adopted Matterport (MTTR) Capture Services to digitize its global property portfolio and more effectively market its listings across 21 countries.

The capture services which are a fully managed solution provide Cushman & Wakefield agents to scan properties and create dimensionally accurate and photorealistic digital twins for clients to virtually walk through any time, anywhere.

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The recent Q3 financial results were unable to impress the investors due to which its stock declined on Wednesday. we can expect it to further slide down on Thursday as well.

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