Planet Labs shares fall despite earnings beat and higher full-year outlook
Planet Labs lifted its full-year sales guidance after 58% growth, but weaker-than-expected quarterly guidance and mixed analyst updates weighed on the stock.
Planet Labs shares closed at US$18.11 on 4 September, down 1.28%, despite the satellite imagery and geospatial analytics provider reporting quarterly results above stated Wall Street expectations and raising its full-year sales outlook.
The company reported 58% year-on-year sales growth and adjusted earnings per share of US$0.02. Its full-year sales guidance increased to between US$430 million and US$441 million.
The outlook for the next quarter was weaker. Planet Labs guided for third-quarter sales of US$101 million to US$105 million, below the reported analyst expectation of US$114 million. Backlog growth was reported at 11% year on year.
A Yahoo Finance report, republishing The Motley Fool’s coverage, cited mixed analyst updates and price-target changes following the results as factors behind the share-price decline. Trading volume reached 30.8 million shares, about 182% above the stated three-month average.
The broader market also weakened, with the S&P 500 falling 0.39% and the Nasdaq Composite declining 0.29%. Among cited peers, BlackSky Technology fell 0.63%, while Satellogic rose 0.22%.
