Planet Labs Shares Surge 31%

(RTTNews) - Planet Labs PBC (PL) shares surged 31.31 percent to $35.40, gaining $8.44 on Friday, possibly on strong revenue growth despite a wider quarterly net loss, reported yesterday.

The stock is currently trading at $35.40 compared with its previous close of $26.96. Shares opened at $33.55 and traded between $32.26 and $36.28 during the session on the New York Stock Exchange. Trading volume reached about 27.20 million shares, well above the average volume of about 11.51 million shares.

Planet Labs reported a fourth-quarter net loss of $152.5 million, compared with $35.2 million a year earlier, largely due to an approximately $122.6 million revaluation loss tied to warrant liabilities from stock price appreciation. Net loss per share widened to $0.48 from $0.12, while adjusted net loss per share improved to break even from $0.02. Revenue rose 41 percent to a record $86.8 million from $61.6 million, which appears to be driving investor optimism.

The stock has traded in a 52-week range of $2.79 to $36.28.