Matterport (NASDAQ:MTTR) shares tumbled nearly 12% in premarket trading on Wednesday, following the company's announcement of first-quarter revenue guidance that did not meet Street expectations. Despite reporting a Q4 loss per share of $0.04, aligning with projections, its revenue of $39.5 million slightly missed the $40.07 million forecast.

Subscription revenue, however, stood out with a 23% year-over-year increase to $23.7 million, surpassing the anticipated $23.2 million. For FQ1 2024, Matterport projects revenue between $39 million and $41 million, below the expected $41.4 million. Nonetheless, the company anticipates subscription revenue to exceed expectations, projecting between $24.0 million and $24.2 million for the quarter and aiming for $104 million to $106 million for the full year 2024.