What happened
Shares of Matterport (MTTR 0.22%), a spacial data company, were rising today after the company reported better-than-expected third-quarter results.
The tech company's top and bottom lines both beat analysts' consensus estimates, causing investors to push the company's share price up by 24.5% as of 12:52 p.m. ET.
So what
Matterport reported a non-GAAP (adjusted) loss of $0.09 per share -- which was down from a loss of $0.06 in the year-ago quarter -- but better than Wall Street's average estimate of a loss of $0.13.
The company's revenue increased 37% from the year-ago quarter to $37.9 million, which surpassed analysts' consensus estimate of $35.9 million.
"We saw strength across all of our revenue lines in the quarter, and combined with our focus on operating efficiency, we delivered financial results that exceeded our expectations on both the top and bottom lines," Matterport's CFO JD Fay said in a press release.
Matterport's management also highlighted the fact that total subscribers climbed to 657,000 in the quarter, a 50% increase year over year. Subscription revenue jumped 21% to $19 million and services revenue soared 204% to $10 million.
Now what
Management issued guidance for the fourth quarter with revenue estimated to be between $39 million and $40 million -- a year-over-year increase of about 48% at the midpoint of guidance.
Additionally, the company expects a non-GAAP loss of $0.10 per share, at the midpoint, which would be equal to the company's loss in the year-ago quarter.
While investors were optimistic about the stock today, Matterport's share price is still down 82% over the past 12 months, which is testing investors' patience as the company continues to grow.
