Why Planet Labs Stock Is Popping After Hours

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Planet Labs (NYSE:PL) shares are trading higher in Monday’s after-hours session after the company reported better-than-expected financial results and raised guidance.

Planet Labs said second-quarter revenue increased 59% year-over-year to $48.45 million, which beat average analyst estimates of $42.36 million, according to Benzinga Pro. The company reported a quarterly net loss of 15 cents per share, which beat average analyst estimates for a loss of 16 cents per share. 

Planet said gross margins expanded from 35% to 48% year-over-year in the second quarter. The company ended the quarter with $458 million in cash and equivalents.

“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, co-founder, chairperson, and CEO of Planet Labs.

Planet Labs expects third-quarter revenue to be between $45 million and $48 million versus the estimate of $46.57 million. The company also raised full-year revenue guidance from a range of $177 million to $187 million to a range of $182 million to $190 million versus the estimate of $182.03 million. 

See Also: After-Hours Alert: Why Oracle Stock Is Moving

PL Price Action: Planet Labs has a 52-week high of $7.21 and a 52-week low of $3.70.

The stock was up 8.96% in after-hours at $5.90 at the time of publication.