Why Planet Labs Stock Is Rising After Hours

Planet Labs PL shares are moving higher in Wednesday's after-hours session after the company reported better-than-expected financial results and issued strong guidance.

What Happened: Planet Labs said third-quarter revenue increased 57% year-over-year to $49.7 million, which beat average analyst estimates of $47.2 million, according to Benzinga Pro. The company reported a quarterly net loss of 8 cents per share, which beat estimates for a loss of 17 cents per share.

"We saw great momentum in the government segment and announced multiple exciting new strategic partnerships in the commercial sector. Planet's growth continues to be underpinned by global, secular tailwinds that are driving demand for our solutions," said Will Marshall, co-founder and CEO of Planet.

Planet expects fourth-quarter revenue to be between $50 million and $54 million versus average estimates of $51.2 million. The company sees full-year revenue in a range of $188 million to $192 million versus estimates of $187.08 million. 

Planet is a provider of global, daily satellite imagery and geospatial solutions.

See Also: Why Bitcoin-Related Stock CleanSpark Is Moving After Hours

PL Price Action: Planet shares are up 5.67% in after hours at $5.50 at time of publication, according to Benzinga Pro.

Photo: Epic Images from Pixabay.