Planet Labs Q2 Results Beat Street View, Lifts FY23 Revenue Outlook; Shares Up 11%

(RTTNews) - Shares of Planet Labs PBC (PL) are gaining nearly 11% in extended session on Monday after reporting second-quarter results and lifting revenue outlook for the full year.

Second-quarter net loss was $39.5 million or $0.15 per share, compared to net loss of $20.4 million or $0.46 per share last year.

Revenues for the quarter gained to $45.5 million from $30.4 million last year.

Analysts polled by Thomson Reuters expected a loss of $0.16 per share and revenues of $42.36 million.

"Planet's results for the second quarter exceeded expectations across the board and demonstrate the continued acceleration of our growth rate and robust demand for our unique Earth data solutions," said Will Marshall, Planet's Co-Founder, Chief Executive Officer and Chairperson.

Looking forward to the third quarter, Planet expects revenue of about $45 million to $48 million. Analysts currently estimate revenues of $46.57 million.

For the full year 2023, Planet has increased its revenue outlook and expects it to be in the range of approximately $182 million to $190 million. Previously, the company expected revenues of $177 million to $187 million. Analysts currently estimate revenues of $182.03 million.

PL closed Monday's trading at $5.42, up $0.06 or 1.12%, on the NYSE. The stock further gained $0.59 or 10.89% in the after-hours trading.