Why Planet Labs Stock Got Destroyed Today
Shares of Planet Labs (NYSE: PL), a space company that operates the world's largest constellation of Earth observation "spy" satellites, saw its stock price crash to Earth on Friday -- down 26.8% as of 2 p.m. ET after reporting mixed results for its fiscal Q1 2024.
Analysts had forecast that Planet Labs would lose $0.15 per share on $52.9 million in Q1 revenue. Planet missed that sales forecast by a whisker, turning in sales of $52.7 million. Planet did beat on earnings, however, reporting a loss of only $0.13 per share.
While falling short of expectations, Planet's sales still rose 31% year over year, and management noted that gross profit margins on those sales expanded to 53% -- a 12-percentage point improvement. CFO Ashley Johnson called the results "solid," while noting that the "macro environment" for space start-ups remains challenging.
Source Fool.com
