What's Going On With Planet Labs Stock Friday? - Planet Labs (NYSE:PL)

Planet Labs PBC’s shares traded with volatility Friday after the company reported second-quarter results. The firm posted non-GAAP earnings of 2 cents per share, compared with a consensus loss of 2 cents. Revenue rose 58% year over year to $116.05 million, beating the $104.12 million estimate. Needham analyst Ryan Koontz attributed the strength to earlier-than-expected revenue recognition tied to Sweden’s first sovereign satellite. Remaining performance obligations increased 9% to about $753 million, and backlog climbed 11% to roughly $815 million, implying more than $400 million could be recognized over the next four quarters based on backlog alone. Revenue guidance for Q3 came in below consensus.