On June 5, Planet Labs declined 5.35% overnight, trading at $41.46/share, with trading volume of $192,300.

The decline was triggered by profit-taking following the release of fiscal Q1 2027 earnings that beat expectations on both revenue and earnings. The company reported Q1 revenue of $94.2 million, up 42% year-over-year and above the analyst consensus of $90 million. Adjusted loss per share came in at $0.03, better than the expected $0.04 loss. The company also raised its full-year fiscal 2027 revenue guidance to $425 million–$441 million, up from prior guidance of $415 million–$440 million, compared to the FactSet estimate of $431.5 million. For fiscal Q2, the company guided revenue of $102 million–$107 million versus the $100.9 million consensus.

Despite the across-the-board beat, the stock sold off as investors chose to lock in gains. Planet Labs had previously surged from a 52-week low of $3.76 to above $43, resulting in a price-to-sales ratio of approximately 31x. At such elevated valuations, the strong results served as a catalyst for profit-taking rather than further upside.

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