Planet Labs Stock Plummets 26% on Weaker Than Expected Guidance 
<p>Shares of <a href='https://financialmodelingprep.com/financial-summary/PL'>Planet Labs (NYSE:PL)</a> shares plunged more than 26% intra-day today after the company’s reported Q1 earnings results.</p>
<p>Although Q1 EPS of ($0.13) exceeded the consensus estimate of ($0.15), and the revenue of $52.7 million (a 31% increase compared to the previous year) was approximately in line with the anticipated $52.92 million, investors were disappointed by the outlook provided by management.</p>
<p>During the first quarter, the percentage of recurring annual contract value (ACV) stood at 93%, and the customer count at the end of the period grew by 9% to reach 903 customers compared to the previous year.</p>
<p>Looking ahead to Q2/24, Planet Labs anticipates revenue ranging from $53 million to $55 million, which falls short of the Street estimate of $60.7 million. For the full year, the company's revenue outlook is within the range of $225 million to $235 million, which is below the Street estimate of $257 million. </p>

NYSE:PL