PL - Why Shares of Planet Labs Are Plunging Today
2024-04-01 14:55:39 ET
Before today's trading session began, shares of Planet Labs (NYSE: PL) were in the black for 2024, having risen more than 3%. Today, however, the stock finds itself in the red for the year. With the company reporting disappointing fourth-quarter 2024 financial results after the market closed on Thursday and unfavorable attention from a Wall Street analyst today, investors are trimming -- or exiting altogether -- their positions in this satellite imaging stock.
As of 2:07 p.m. ET, shares of Planet Labs are down 11.2%.
With markets closed on Friday, investors had to wait until today to express their disapproval of the Q4 2024 financial results that Planet Labs reported. Although the company posted record quarterly revenue of $58.9 million, it was only slightly better than the $58.2 million that analysts had expected the company to report. The bottom line of the income statement, moreover, provided cause for concern. The consensus among analysts was that the company would post earnings per share of negative $0.06, but the company reported a steeper loss of $0.11 per share.
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Why Shares of Planet Labs Are Plunging Today