Why Planet Labs Stock Is Plummeting After Hours
Portfolio Pulse from Adam Eckert
Planet Labs (NYSE:PL) shares plummeted after hours following the release of its Q1 results, with weaker-than-expected forecasts. Q1 revenue of $52.7 million missed estimates of $52.91 million, while Q1 EPS loss of 13 cents beat estimates for a loss of 15 cents. The company expects Q2 revenue between $53 million and $55 million, lower than the estimated $60.17 million.
June 08, 2023 | 8:37 pm
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Planet Labs shares dropped after hours following weaker-than-expected Q1 results and forecasts. Q1 revenue missed estimates and Q2 revenue outlook is lower than expected.
Planet Labs' weaker-than-expected Q1 results and forecasts have led to a drop in its share price. The company missed revenue estimates for Q1 and provided a lower-than-expected outlook for Q2 revenue. This negative news is likely to cause a short-term decline in the stock price.
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