The shares of Planet Labs (PL.US), one of the leading providers of satellite data and imaging, are gaining nearly 11% after the company reported better-than-expected financial results and shared optimistic forecasts with the market:
- Revenue for the third quarter rose 57% year-on-year to $49.7 million, above forecasts estimating $47.2 million
- Quarterly loss per share was $0.08, well below the forecast of $0.17
"We saw great growth momentum in the government segment and announced a number of exciting new strategic partnerships in the commercial sector. Planet's growth continues to be supported by a global trend that is driving demand for our solutions." - commented on the results Will Marshall, co-founder and CEO of the company
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Create account Try a demo Download mobile app Download mobile app- Planet estimates Q4 2022 revenue of $50 million to $54 million, compared to estimates of $51.2 million. On a year-over-year basis, the company projects revenues in the range of $188 million to $192 million, also above Wall Street's estimate of $187.08 million.
- The company announced yesterday that it will make geospatial data available through Amazon Web Services. They are now to be directly uploaded to Amazon SageMaker, enabling researchers and developers to acquire and analyze global, daily satellite data.
- Planet Labs operates the largest constellation of Earth observation satellites in the world, with the ability to provide daily medium- and high-resolution images of the Earth every day, at any time. Through the partnership with AWS, the company will create new opportunities for Planet customers to accelerate data access across geospatial tools and cloud platforms.
- With Amazon SageMaker, Planet Labs customers can pull data from Amazon Location Service and AWS Data Exchange. Through the partnership with Amazon, the company will create a first-of-its-kind platform for training, inferring and visualizing models from satellite imagery by driving machine learning.
"Planet understands the challenges of ingesting and delivering massive amounts of data (...) Using Amazon SageMaker, we can now offer ML capabilities with deep integration of multiple datasets and we look forward to developing and collaborating on complex models with our customers." - commented the Planet Labs CEO on the partnership with Amazon.
"Building, training and deploying machine learning models using geospatial data is a complex process for most organizations. The primary barrier is the lack of purpose-built capabilities to perform machine learning on these types of massive datasets (...) Amazon SageMaker can help simplify and accelerate geospatial ML from months to minutes, enabling Planet Labs customers to enrich datasets, train geospatial models, visualize results and more. Together with Planet, we are excited to unlock the value of geospatial data for their customers and help them make accurate predictions." - Amazon commented.
Planet Labs (PL.US) shares, D1 interval. Pre-opening trade indicates an opening near $5.5 per share which is likely to result in a bullish crossing of the SMA 100 average (black line) above the SMA 200 (red line), according to AT referred to as a 'golden cross'. Source: xStation5
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