Why Planet Labs Stock Dropped 3% This Morning

Planet Labs (NYSE: PL) stock slipped 3% through 9:50 a.m. ET Wednesday on what investors would ordinarily consider good news: another contract announcement.Planet revealed today that it has "expanded" a relationship with the Antinarcotics Directorate of the Colombian National Police (DIRAN), whereby the latter uses images from Planet Labs' Earth observation satellites to detect and help eradicate "illicit crop growth and harvest" (i.e. drug crops).Planet's satellites can survey agricultural plots at approximately three-meter resolution from orbit, then narrow their focus to 50-centimeter resolution to confirm the presence of coca crops, providing valuable data to DIRAN. Planet notes that it has been providing such data to Colombia since 2017, but the new contract will expand the data it provides -- and, presumably, the revenue it receives. Continue readingWeiter zum vollständigen Artikel bei MotleyFool Weiter zum vollständigen Artikel bei MotleyFool