Why Planet Labs Stock Fell This Week
Shares of Planet Labs (NYSE: PL) fell around 10% this week, according to data from S&P Global Market Intelligence. A space economy stock that operates a fleet of satellites for regular imaging services, the company is making huge inroads with new potential contracts for defense, civilian, and corporate use cases. The stock is up 487% in the last 12 months after reporting strong earnings growth and a new partnership with for artificial intelligence (AI) data centers.
However, as of 10:00 AM EST on Friday, January 23rd, Planet Labs stock is down 10% this week. Here's why.
Last quarter's earnings for Planet Labs were fantastic. Revenue grew just 33% year-over-year to $81 million, but its backlog was up a whopping 216% to $734 million. More and more customers -- both defense and corporate -- are turning to Planet Labs for imaging services from space. It even has a new research project with Alphabet to potentially build data centers in orbit.
Source Fool.com
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