Here's Why Matterport Is Plunging on Thursday
The stock market was up slightly on Thursday morning, but spatial data company Matterport (NASDAQ: MTTR) was a notable exception. Shares were down by more than 8% at 10:30 a.m. EDT, after having fallen by as much as 12% earlier in the trading session.
The short answer as to why Matterport dropped is that the third-quarter earnings report that it released after the close of trading Wednesday disappointed investors.
On the surface, its numbers looked great. The company's subscriber count more than doubled year over year to 439,000, and the number of spaces under management by the platform increased by 62%. Plus, since the SPAC merger that took it public technically closed in the third quarter, Matterport's balance sheet got about $600 million stronger.
Source Fool.com
