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Planet (PL)

The decline came after the satellite-imagery and data-analysis company cut its annual revenue guidance after reporting first-quarter results on Thursday.

The company lowered its guidance for its current fiscal year 2024 revenue to a range of $225 million to $235 million, down from its previous forecast of between $248 million and $268 million. Planet raised its forecast, also saying it expects a wider loss on an adjusted EBITDA basis From a range of $37 million to $47 million to a range of between $58 million and $67 million.

Planet’s shares fell as much as 25% in mid-morning trading Friday, having previously closed at $4.90. The stock is headed for its worst one-day decline since going public in December 2021, erasing year-to-date gains.

Despite the lower guidance, Planet co-founder and CEO Will Marshall said in a statement that the company is “seeing strong demand for our proprietary data solutions due to global events and growing awareness of our capabilities.”

Planet’s chief financial officer and chief operating officer Ashley Johnson emphasized the “challenging macro environment” and said the company is “focused on the path to profitability.” He added that the company’s balance sheet is “strong”, with $375 million in cash and equivalents and no debt.

For the first quarter, Planet reported revenue of $52.7 million, up 31% from $40.1 million for the same period a year ago, but effectively flat from the previous quarter.

The company’s first quarter net loss was $34.4 million, or 13 cents per share. That declined 22% from a net loss of $44.4 million, or 17 cents per share, a year earlier.

Planet’s customer base grew from 882 at the end of the fourth quarter to 903. Its customer base is divided into three parts based on revenue: 44% is defense and intelligence, 29% is commercial and 27% is civilian government.

The company follows the financial year calendar which ends on 31st January.

Crowdstrike The company reported first-quarter earnings results for its fiscal 2024 on Wednesday, beat top- and bottom line consensus estimates, but shares were down more than 11% after hours due to slower revenue growth.

Here’s how the cybersecurity firm fared against Refinitiv consensus estimates for the quarter ended April 30:

  • earnings per share: 57 cents, adjusted, versus 51 cents expected.
  • Income: $692.6 million, versus the $676.4 million expected.

The 42% year-over-year revenue growth was slower than the 61% growth it posted in the year-ago quarter. CrowdStrike posted a profit of $500,000 per share, or breakeven per share, compared to a loss of $31.5 million, or 14 cents per share, a year earlier.

The company offered current quarter guidance of $717.2 million to $727.4 million, while the consensus range was $698 million to $742 million.

“We exceeded our guidance in both top- and bottom-line metrics,” CEO George Kurtz said on a call with investors. He added that CrowdStrike was “reaching GAAP profitability so early in our life as a public company.” CrowdStrike first started trading on Nasdaq in June 2019.

Chief Financial Officer Bert Podbere said that CrowdStrike’s slow hiring contributed to the company’s profitability. He indicated that it was not clear whether the increase in hiring would be able to sustain profitability.

Like many other technology executives, Kurtz stresses his company’s use of generic artificial intelligence models, calling it a democratizing force in cyber security from both an “adversarial” and a protective perspective.

Annualized recurring revenue for the quarter was $2.73 billion, an increase of 42% year-over-year. Net new ARR for the quarter was $174.2 million, down from $190.5 million in the year-ago quarter.

CrowdStrike offers a portfolio of cloud-based cyber security solutions advertised as a comprehensive package for everything from corporate servers to employee laptops to Internet of Things devices.

With cross-strait tensions rising in recent months, cyber security concerns have begun to attract the attention of investors and the general public. earlier this month, Microsoft China has been warned that state-sponsored cyber attackers have infiltrated “critical” infrastructure in the continental US and the US territory of Guam.

The vulnerability exploited by those Chinese hackers “affected” the US Navy and many other organizations. CrowdStrike researchers helped assemble the National Security Agency’s bulletin on the attack. Senior government officials have emphasized that a healthy public-private partnership is vital to understanding and preventing cyber security threats.

Cyber ​​concerns have also been a growing priority for the US Department of Justice, which has been involved in several so-called “dark web” enforcement actions over the past few months.

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