Planet Labs (NYSE:PL) shares are diving after the close Thursday on the heels of the company’s first-quarter results. Investors appear to be gravitating toward the company’s weaker-than-expected forecast.
- Q1 Revenue: $52.7 million missed estimates of $52.91 million
- Q1 EPS: loss of 13 cents beat estimates for a loss of 15 cents
Revenues were up 31% year-over-year. Gross margin came in at 53% versus 41% in the same period last year.
The company’s customer count grew 9% year-over-year to 903. Planet ended the quarter with $376.2 million in cash, equivalents and short-term investments.
“We continue to see strong demand for our proprietary data solutions, driven by global events and the growing awareness of our capabilities,” said Will Marshall, co-founder, chair and CEO of Planet.
“It’s our conviction that satellite data is one of the most valuable assets in the world. Recent advances in AI are unlocking this value faster, especially for Planet’s unique data archive.
Outlook: Planet said it expects second-quarter revenue to be between $53 million and $55 million versus estimates of $60.17 million. The company sees full-year 2024 revenue in a range of $225 million to $235 million versus estimates of $257.07 million.
Management will hold a conference call to discuss these results at 5 p.m. ET.
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PL Price Action: Planet shares were down 19.3% after hours at $3.98 at the time of publication, per Benzinga Pro.
Photo: Happy Camper from Pixabay.
