Planet Labs stock plummets 16% on guidance miss

Planet Labs PBC (NYSE:) shares plunged more than 16% after-hours following the company’s reported . While EPS of ($0.13) beat the consensus of ($0.15) and revenue of $52.7 million (up 31% year-over-year) was roughly in line with the consensus of $52.92M, management’s outlook disappointed investors.

Percent of recurring annual contract value (ACV) for Q1 was 93%. End of Period (EoP) customer count grew 9% year-over-year to 903 customers.

For Q2/24, the company expects revenue in the range of $53-$55M, missing the consensus estimate of $60.7M. Non-GAAP gross margin is seen at 48%-49%

For the full year, the company expects revenue in the range of $225-$235M, below the consensus estimate of $257M. Non-GAAP gross margin is seen at 52%-54%.