Why Planet Labs Stock Dropped After Earnings
Planet Labs (NYSE: PL) stock tumbled 3.9% through 11 a.m. ET Tuesday after reporting mixed Q3 earnings last night.
Heading into the report, analysts forecast Planet Labs would lose $0.04 per share (adjusted for one-time items) on sales of $63.1 million. In fact, Planet reported an underwhelming $61.3 million. Its loss for the quarter, however, was a better-than-expected $0.02 per share pro forma, and $0.07 under generally accepted accounting principles (GAAP).
Planet Labs CFO Ashley Johnson hailed the company's "significant improvement in the fundamentals of the business during the quarter, as evident in the year-over-year and sequential improvement in margins" -- and she has reason to boast.
Source Fool.com
