Shares of Matterport (NASDAQ: MTTR) were down 10.7% as of 1:40 p.m. EDT Wednesday, according to data provided by S&P Global Market Intelligence, after its slightly better-than-expected second-quarter 2023 results were overshadowed by light forward revenue guidance.

On the former, Matterport's quarterly revenue climbed 39% year over year to $39.6 million, near the high end of guidance and slightly above analysts' consensus estimates for $39.4 million. On the bottom line, that translated to an adjusted (non-GAAP) net loss of $0.07 per share, again near the upper end of guidance and beating expectations for a loss of $0.08 per share.

Matterport Chairman and CEO RJ Pittman called execution in Q2 "pivotal for the company," noting that they achieved "record subscription and services revenue while doubling down on our efficiency initiatives to deliver step function productivity gains in the second half of 2023."

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Source Fool.com