By now, I’m sure you’ve heard of the metaverse.
Or, as Meta Platforms’ Mark Zuckerberg puts it, the metaverse is “a sci-fi concept whereby humans put on some sort of headset or smart glasses that allows them to live, work and play in a virtual world much like the one depicted in the ‘Ready Player One movie,” as noted by CNBC.
One of the top ways to trade it is with Matterport (MTTR), a spatial mapping company that uses 3D cameras and modeling software to create digital twins. In fact, its “spatial data platform turns buildings into data to make nearly every space more valuable and accessible. Millions of buildings in more than 177 countries have been transformed into immersive Matterport digital twins to improve every part of the building lifecycle from planning, construction, and operations to documentation, appraisal, and marketing,” according to the company.
Earnings have been just as impressive. In its third quarter:
Total subscribers increased to 657,000, up 50% compared to the third quarter of 2021. Spaces Under Management (SUM) grew to 8.7 million, up 40% year-over-year. Total revenue was $38.0 million, up 37% year-over-year. Subscription revenue was $19.0 million, up 21% year-over-year. Services revenue was $10.0 million, up 204% year-over-year.
Better, Piper Sandler just raised its target price to $6 from $5, with an overweight rating.