Planet Labs (NYSE:PL) shares are trading lower Wednesday after the company reported worse-than-expected earnings 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.
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.
Analyst Assessment:
- Benchmark analyst Josh Sullivan maintained Planet Labs with a Buy rating and lowered the price target from $15 to $11.
- Needham analyst Ryan Koontz maintained Planet Labs with a Buy rating and lowered the price target from $10.50 to $8.
See Also: 24 Stocks Moving in Wednesday's Pre-Market Session
PL Price Action: Planet Labs has traded between $11.65 and $3.70 over a 52-week period.
The stock was down 10.3% at $4.60 at time of publication.
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