2023-06-09 08:57:36 ET
Planet Labs PBC ( NYSE: PL ) dropped sharply in early trading on Friday after a slight revenue miss with its Q1 earnings report and wider-than-anticipated loss for the quarter.
Revenue was up 31% to $52.7M and the company ended the quarter with a cash position of $376.2M.
Looking ahead, Planet Labs ( PL ) guided for Q2 revenue of $53M to $55M vs. $60M consensus and see a gross margin rate of 48% to 49%. For the full year, Planet Labs ( PL ) sees revenue of $225M to $235M vs. a prior view for $248M to $268M and the consensus mark of $257M.
Despite the pullback in guidance, CEO Will Marshall said Planet Labs ( PL ) continues to see strong demand for its proprietary data solutions, driven by global events and the growing awareness of the company's capabilities. "It's our conviction that satellite data is one of the most valuable assets in the world. Recent advances in AI are unlocking this value faster, especially for Planet’s unique data archive," he noted.
Shares of Planet Labs ( PL ) slumped 16.53% in premarket trading to $4.90.
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Planet Labs sheds 17% after guidance arrives below expectations