These Analysts Cut Their Forecasts On Planet Labs After Weak Q2 Results

Planet Labs PBC 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.

Check This Out: Top 5 Health Care Stocks That May Explode In Q3