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Planet Labs PBC (NYSE:PL) reported worse-than-expected second-quarter sales results on Thursday.
Planet Labs reported quarterly losses of six cents per share, which met the analyst consensus estimate. Quarterly revenue of $61.09 million missed the analyst consensus estimate by 1.17% and represents a 13.64% increase over the same period last year.
"During the second quarter, we saw continued strength with government customers, especially in the Defense & Intelligence sector where revenue grew over 30% year-over-year and we saw continued demand for our broad area monitoring solution paired with AI," said Will Marshall, Planet's CEO. "We restructured the business towards an industry-aligned operating model and improved overall operational efficiency across the company."
For the third quarter of fiscal year 2025, Planet Labs expects revenue to be in the range of approximately $61 million to $64 million. Non-GAAP gross margin is expected to be in the range of approximately 59% to 61%.
Planet Labs shares fell 13.1% to trade at $2.1550 on Friday.
These analysts made changes to their price targets on Planet Labs following earnings announcement.
Considering buying PL stock? Here’s what analysts think:
Posted In: PL