After-Hours Action: Why Planet Labs Stock Is Sliding

Planet Labs PL shares are trading lower in Tuesday's after-hours session after the company reported mixed financial results.

Planet Labs said first-quarter revenue increased 26% year-over-year to $40.1 million, which beat the estimate of $39.5 million, according to data from Benzinga Pro. The company reported a quarterly earnings loss of 17 cents per share, which missed the estimate for a loss of 15 cents per share.

"Our visibility for the business has increased and we are therefore tightening our guidance range for the current fiscal year," said Ashley Johnson, CFO and COO of Planet Labs.

Planet said it expects second-quarter revenue to be between $41 million and $43 million versus the estimate of $42.26 million. The company expects a second-quarter adjusted EBITDA loss of 16 million to 18 million.

Planet narrowed its full-year revenue guidance to a range of $177 million to $187 million versus the estimate of $181.26 million. The company expects a full-year adjusted EBITDA loss of $60 million to $70 million.

Planet Labs is a provider of global, daily satellite imagery and geospatial solutions. 

PL Price Action: Planet Labs has traded between $11.65 and $3.70 over a 52-week period.

The stock was down 15.15% in after hours at $4.38 at press time.

Photo: PIRO4D from Pixabay.

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