Why Planet Labs Stock Plunged on Wednesday

Shares of Planet Labs PBC (NYSE: PL) -- a space company you probably never heard of, and the owner of the world's largest constellation of Earth imaging satellites -- plunged 18.2% through 11:10 a.m. ET on Wednesday. The reason was earnings.

Heading into Planet Labs' first-quarter 2023 earnings report last night, analysts were expecting a loss of $0.15 per share on sales of $39.5 million. As it turned out, Planet Labs missed the first target, losing $0.17 per share, even as it beat on revenue with sales of $40.1 million.  

Sales surged 26% in the first quarter, which, as management pointed out, was an acceleration from the 23% growth achieved in the fiscal fourth quarter of 2022 and the 16% rate for all of fiscal 2022.

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Source Fool.com