Why Planet Labs Stock Is Plummeting Today

Planet Labs (NYSE: PL) stock is getting hit with a big pullback following the company’s recent quarterly report. The space-tech specialist’s share price was down 18.7% as of 10 a.m. ET. The S&P 500 was down 1% at the same point in the daily session, and the Nasdaq Composite was down 2.1%.

Planet Labs published its first-quarter results after the market closed yesterday and actually posted sales and earnings that topped Wall Street’s forecasts, but space tech stocks are now seeing some bearish reversal on the heels of big gains this year. Investors are also broadly adopting risk-off positioning in response to concerns that the Federal Reserve could raise interest rates this year.

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Planet Labs is selling off despite a solid Q1 report

Planet Labs reported a non-GAAP (adjusted) loss of $0.03 per share on sales of $94 million in the first quarter of its 2027 fiscal year — which ended April 30. The company’s adjusted per-share loss came in $0.01 better than the average Wall Street analyst estimate, and sales rose roughly 42% year over year to beat the average target by roughly $3.9 million.

Along with its fiscal Q1 report, Planet Labs raised its full-year sales target to between $425 million and $441 million — up from its previous guidance for sales between $415 million and $440 million. The company also raised its adjusted gross margin forecast from between 50% and 52% to between 52% and 54%. The space tech specialist delivered a beat-and-raise quarter, but investors are feeling jittery on the heels of last week’s Blue Origin rocket explosion and SpaceX’s initial public offering next week.