Planet Labs (NYSE:PL) stock has been in a strong downtrend, extending the slide that began after its last earnings release. Shares have slumped 61% from their all-time high, and the options market is pricing in high volatility ahead of its earnings report on September 3.
Planet Labs Revenue Growth is Continuing
Planet Labs, a top company in the satellite imagery and earth data industry, has slumped in the past few months. This retreat has coincided with the sell-off in other space companies following the SpaceX (NASDAQ:SPCX) IPO.
The retreat happened even as its revenue growth gained steam. Its results showed that its revenue jumped by 42% in the first quarter to $94.2 million. This revenue growth happened as demand for its services continued rising.
For example, it received $21.9 million one-year contract extension from the National Geospatial-Intelligence Agency (NGA). Its revenue backlog jumped to over $900 million from $220 million in the same period last year.
