Planet Labs PBC (PL) reported lower-than-expected second-quarter sales, causing its stock to decline by over 13%. Despite meeting analyst estimates for losses, the company’s revenue fell short, although it did experience growth in government contracts, particularly in defense and intelligence sectors. Despite the miss, Planet Labs remains optimistic about future growth and anticipates revenue to be in the range of $61 million to $64 million for the third quarter.
Planet Labs, a provider of Earth observation data, reported its second-quarter financial results, showing revenue growth but missing analyst estimates. The company highlighted strong government customer demand and a restructuring aimed at improving operational efficiency.
Planet Labs PBC (PL) shares surged in after-hours trading on Thursday after the company announced the launch of its first hyperspectral satellite, Tanager-1, with SpaceX. This launch expands Planet Labs’ capabilities by adding over 400 spectral bands of data, allowing for the capture of previously unseen phenomena.
