RTTNews | Dec 14, 2021 12:26PM EST

12:25 Tuesday, December 14, 2021 (RTTNews.com) - California-based satellite company, Planet Labs PBC (PL), saw its stocks drop 19% on Tuesday after the company reported a wider loss in the third quarter.

The net loss reported by the company was $41.40 million or $1.38 per share, compared to $30.99 million or $1.06 loss per share. For the fourth quarter, the company expects the revenue to be between $35 million to $37 million.

The stock is currently trading at $7.15, down $1.75 or 19.66% since the previous close at $8.90. The stock opened at $7.33 in the morning. In the 52-week period, the stock has ranged between $6.87 and $12.15.

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