Shares of Planet Labs on Monday dropped after the company provided a guidance for the fourth quarter that missed analysts expectations following weaker-than-expected third-quarter results.
The stock was down 9% to $3.67 in post-market trading. Through Monday’s close, shares have surged 70% over the past 12 months.
The provider of daily data and insights about Earth guided for fourth-quarter revenue of $61 million to $63 million, up from reported revenue of $58.9 million a year earlier.
However, analysts polled by FactSet had forecast higher quarterly revenue of $66.6 million, according to FactSet.
“We continue to see strong demand for our data, particularly where enhanced with AI-enabled solutions,” Chief Executive Will Marshall said.
The company’s outlook comes as it reports a narrower loss for the third quarter amid multiple large contract wins.
Planet Labs posted a net loss of $20.1 million, or 7 cents a share, compared with a loss of $38 million, or 13 cents a share, for the same period a year earlier.
Revenue rose 11% to $61.3 million, but came below the $63.1 million expected by Wall Street, according to FactSet.
“We are pleased with the multiple large contracts secured with government customers globally this quarter, which we expect to ramp up into the year ahead,” Marshall said.