Planet Labs PBC (NYSE:PL) reported downbeat earnings for its second quarter and issued weak FY24 guidance.
Planet Labs PBC posted a quarterly revenue increase of 11% Y/Y to $53.8 million, missing the consensus of $54.14 million. EPS loss of $(0.14) came below the consensus of $(0.08).
The company lowered FY24 revenue guidance to $216 million-$223 million (from $225 million-$235 million earlier) vs. $230.88 million estimate and revised adjusted EBITDA loss guidance to $(63) million-$(55) million from $(67) million-$(58) million earlier.
Planet Labs shares fell 18.3% to trade at $2.5150 on Friday.
These analysts made changes to their price targets on Planet Labs following earnings announcement.
- Needham cut the price target on Planet Labs from $8 to $7. Needham analyst Ryan Koontz maintained a Buy rating.
- Benchmark slashed the price target on Planet Labs from $6.5 to $5. Benchmark analyst Josh Sullivan maintained a Buy rating.
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