Why Planet Labs Stock Rocketed Higher Today
Space imagery specialist Planet Labs (NYSE: PL) reported better-than-expected earnings and announced an acquisition that will broaden its offering. Investors are excited, sending shares of the company up as much as 14% on Thursday.
Planet Labs operates one of the world's largest arrays of Earth observation satellites, selling imagery and other data to corporate and government clients. On Wednesday evening, the company reported a fourth-quarter loss of $0.14 per share on revenue of $53 million. Both results were slightly better than expectations, with analysts predicting a loss of $0.16 per share on revenue of $52 million.
CEO and co-founder Will Marshall said the quarter "capped off an incredible year for Planet," which included broadening some of its key government contracts and new relationships with utilities and other corporate users.
Source Fool.com
