Why Planet Labs Shares Are Falling

Planet Labs PBC PL is trading lower Tuesday after the company announced its fiscal third-quarter 2022 financial results and issued guidance below estimates.

Planet Labs reported quarterly revenue of $31.7 million, representing an increase of 16% year-over-year. The company expects fiscal fourth-quarter revenue to be in a range of $35 million to $37 million versus the estimate of $40.26 million.

"Our strong performance this past quarter continues to demonstrate Planet’s ability to capture the market opportunity ahead of us," said Will Marshall, co-founder and CEO of Planet Labs.

"As digital transformation and sustainability continue to drive massive new demands across businesses and governments worldwide, we’ve never been more confident in Planet’s commercial momentum and opportunity for impact," Marshall added.

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Planet Labs is an Earth imaging company. It provides daily satellite data that helps businesses, governments, researchers and journalists understand the physical world and take action.

The company went public via special purpose acquisition company dMY Technology Group last week.

PL Price Action: Planet Labs was down 16.30% at $7.45 at time of publication.

Photo: WikiImages from Pixabay.