Planet Labs’ Stock (PL) Surges 44% on Strong Earnings and Raised Guidance
Planet Labs (PL) shares skyrocketed 44% on September 8 following robust fiscal Q2 results and upwardly revised guidance. The Earth imaging company reported a narrower-than-expected loss of $0.07 per share versus consensus estimates of $0.09, while revenue climbed 20% year-over-year to $73.4 million, surpassing Wall Street's $66.1 million forecast.
The company achieved its second consecutive quarter of positive free cash flow, totaling $54.3 million year-to-date. Management raised full-year revenue guidance to $281-$289 million from $265-$280 million, exceeding analyst expectations of $273 million. New contracts with the German government and U.S. Department of Defense underscore Planet Labs' growing role in security and surveillance markets.
