Planet Labs Shares Dip Despite Earnings Beat and Raised Guidance
On September 4, Planet Labs PBC (NYSE: PL) closed at $18.12, down 1.25% despite reporting better-than-expected second-quarter earnings and raising full-year guidance. The stock's decline came amid mixed analyst price target updates following the results. Sales grew by 58%, with an unexpected positive adjusted EPS of $0.02, both exceeding Wall Street expectations. However, investors appeared cautious due to weaker backlog growth (11% year over year) and a Q3 revenue forecast that fell short of analysts' estimates at between $101 million and $105 million. The company's guidance implied 27% sales growth for the quarter but marked a slowdown from its strong second-quarter performance. The broader market also saw declines, with the S&P 500 down 0.39%, reflecting mixed sentiment in aerospace & defense stocks like BlackSky Technology and Satellogic.
Topics: guidance below expectations Planet Labs PBC Q2 earnings beat stock price change