Investing.com -- Planet Labs PBC (NYSE:PL) stock tumbled 27% on Friday, a day after the satellite-imagery company cut its annual revenue outlook.
Planet cut guidance for its current fiscal-year 2024 revenue to a range of $225 million to $235M, from an earlier forecast of $248M to $268M. The new forecast represents 20% growth at the midpoint, the company said.
On an adjusted earnings before interest, taxes, depreciation and amortization basis, Planet also said it expected wider losses, raising its range to a loss of $58M to $67M from an earlier forecast for a loss of $37M to $47M.
CEO and co-founder Will Marshall said the company continues to see strong demand for its proprietary data solutions. “It’s our conviction that satellite data is one of the most valuable assets in the world. Recent advances in AI are unlocking this value faster, especially for Planet’s unique data archive. We are opening up huge markets driven by digital transformation and the sustainability transition, where our data is not just useful, but foundational.”