Shares of Matterport (NASDAQ: MTTR) fell 17.3% on Wednesday after the spatial data platform company announced weaker-than-expected quarterly revenue and a disappointing forward outlook.

Matterport's fourth-quarter 2023 revenue declined 3.9% year over year to $39.5 million, technically within (but below the midpoint of) its guidance for a range of $39 million to $41 million. Most analysts were modeling revenue of exactly $40 million. On the bottom line, that translated to an adjusted (non-GAAP) net loss of $0.04 per share, in line with expectations.

Matterport Chairman and CEO RJ Pittman noted that subscription revenue growth accelerated to a better-than-expected 23% year over year, reaching $23.7 million during the quarter. Matterport also achieved a strong dollar-based net retention rate of 109%, marking the metric's highest level in two years.

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Source Fool.com