: Planet Labs stock tanks more than 18% after lower-than-expected guidance

Shares of Planet Labs PBC PL dropped more than 18% in the aftermarket Thursday after the Earth-imaging company reported a narrower-than-expected loss for its fiscal first quarter but called for lower revenue for the year. Planet Labs lost $34 million, or 13 cents a share, in the quarter, compared with a loss of $44 million, or 17 cents a share, in the year-ago quarter. Adjusted for one-time items, the company lost 7 cents a share. Revenue rose 31% to $52.7 million, the company said. FactSet consensus called for adjusted profit of 9 cents a share on sales of $52.9 million. For fiscal 2024, the company guided for revenue in a range of about $225 million to $235 million, which would represent about 20% year-over-year growth at the midpoint, it said. The analysts polled by FactSet expect revenue of $257 million for the fiscal year. Shares of Planet Labs ended the regular trading day up 0.6%.

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