Planet Labs Shares Jump 36% After Strong Q3 Results

(RTTNews) - Planet Labs PBC (PL) rose 36.01%, gaining $4.66 to $17.60, after the company reported strong third-quarter results.

Revenue grew 33 percent year over year to $81.3 million, marking a quarterly record. The company also posted its fourth consecutive quarter of adjusted EBITDA profitability, expanded gross margin, and reported a 40 percent increase in total contract backlog.

Shares moved sharply higher on the earnings beat and improved full-year outlook. Planet Labs opened at $13.28, reached a high of $17.88, and a low of $12.90, compared with the previous close of $12.94. The stock trades on the NYSE.

Trading volume was significantly elevated, exceeding 28 million shares, well above the average of approximately 3.2 million. The 52-week range is $8.20 - $18.10.