Here’s why the Pilbara Minerals (ASX:PLS) share price is dropping today

The Pilbara Minerals Ltd (ASX: PLS) share price is trading lower in late trade following the release of its half year results.

At the time of writing, the lithium miner’s shares are down 3% to $1.05.

Despite this decline, the Pilbara Minerals share price is still up a whopping 235% over the last six months.

How did Pilbara Minerals perform in the first half?

For the six months ended 31 December, Pilbara Minerals reported a 56.5% increase in revenue to $59.1 million. This was driven by a 114% increase in spodumene concentrate shipments to 114,239 dry metric tonnes (dmt).

The reason the 114% increase in shipments didn’t translate into a similar increase in revenue was pricing weakness.

Management explained: “Whilst there was an…