Why Planet Labs Stock Is Down Today
Satellite imagery specialist Planet Labs PBC (NYSE: PL) reported underwhelming results from the most recent quarter and offered tepid guidance about what is to come. Investors appear to be losing patience with this space start-up, sending shares down 15% in Friday trading.
Planet Labs is part of a new breed of space stocks trying to capitalize on growing demand for satellite capabilities. The company is a leading provider of satellite imagery and geospatial products, working with more than 900 commercial and government customers in the agriculture, forestry, intelligence, education, and finance sectors.
The company lost $0.14 per share in its fiscal second quarter ended July 31 on revenue of $53.8 million, falling just short of analyst expectations for earnings of $0.08 per share on sales of $54 million. Sales were up 11% year over year, and Planet Labs grew its customer count by 10% from the same three months a year ago.
Source Fool.com
