California-based company, Planet Labs PBC (PL), saw its stock drop 18% in the Wednesday trading session after the company reported a wider loss in the first quarter, year over year.
The company reported a loss of $44.36 million or $0.17 loss per share compared to a loss of $29.25 million or $0.64 loss per share last year. On average 7 analysts polled by Thomson Reuters expected the loss to be $0.15 per share.
The stock is currently trading hands at $4.22, down $0.92 or 17.96% since the previous close at $5.15, The stock opened at $4.76 in the morning. In the past 52 weeks, the stock has ranged between $3.70 and $12.15 per share.
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