By Ben Glickman
Shares of Planet Labs sank to an all-time low Friday after the company reduced its guidance for revenue in the fiscal year.
The stock was down 14%, to $2.65, in midday trading, reaching a low of $2.51. Shares have fallen 39% this year.
The San Francisco-based satellite-imagery provider said Thursday that it now expects revenue of $216 million to $223 million in fiscal 2024, down from prior guidance of $225 million to $235 million. Analysts polled by FactSet expect full-year revenue of $224 million.
Planet Labs posted a quarterly loss below analysts estimates, and the company’s loss came in at analysts expectations.
Write to Ben Glickman at [email protected]
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