Why Matterport Stock Soared on Thursday

Shares of Matterport (NASDAQ: MTTR) are soaring today, up by more than 30% as of 11 a.m. ET. The move higher erased just a small portion of year-to-date losses for the metaverse tech specialist. Yet it was powered by surprisingly strong second-quarter results that might pave the way for a sustained rally ahead.

Let's take a closer look.

Matterport revealed in a filing on Wednesday that revenue edged lower to $28 million in the period that ended in late June. That result met Wall Street's expectations, which were based on management's official forecast.

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Source Fool.com