articles

Planet lays off about 10% of workforce as satellite imagery company restructures

Space-News.io

Aug 1, 2023 • 3 min read

Credit Cards

Loans

Banking

Mortgages

Insurance

Credit Monitoring

Personal Finance

Small Business

Taxes

Help for Low Credit Scores

Investing

SELECT

All Credit Cards

Find the Credit Card for You

Best Credit Cards

Best Rewards Credit Cards

Best Travel Credit Cards

Best 0% APR Credit Cards

Best Balance Transfer Credit Cards

Best Cash Back Credit Cards

Best Credit Card Welcome Bonuses

Best Credit Cards to Build Credit

SELECT

All Loans

Find the Best Personal Loan for You

Best Personal Loans

Best Debt Consolidation Loans

Best Loans to Refinance Credit Card Debt

Best Loans with Fast Funding

Best Small Personal Loans

Best Large Personal Loans

Best Personal Loans to Apply Online

Best Student Loan Refinance

SELECT

All Banking

Find the Savings Account for You

Best High Yield Savings Accounts

Best Big Bank Savings Accounts

Best Big Bank Checking Accounts

Best No Fee Checking Accounts

No Overdraft Fee Checking Accounts

Best Checking Account Bonuses

Best Money Market Accounts

Best CDs

Best Credit Unions

SELECT

All Mortgages

Best Mortgages

Best Mortgages for Small Down Payment

Best Mortgages for No Down Payment

Best Mortgages with No Origination Fee

Best Mortgages for Average Credit Score

Adjustable Rate Mortgages

Affording a Mortgage

SELECT

All Insurance

Best Life Insurance

Best Homeowners Insurance

Best Renters Insurance

Best Car Insurance

Travel Insurance

SELECT

All Credit Monitoring

Best Credit Monitoring Services

Best Identity Theft Protection

How to Boost Your Credit Score

Credit Repair Services

SELECT

All Personal Finance

Best Budgeting Apps

Best Expense Tracker Apps

Best Money Transfer Apps

Best Resale Apps and Sites

Buy Now Pay Later (BNPL) Apps

Best Debt Relief

SELECT

All Small Business

Best Small Business Savings Accounts

Best Small Business Checking Accounts

Best Credit Cards for Small Business

Best Small Business Loans

Best Tax Software for Small Business

SELECT

All Taxes

Best Tax Software

Best Tax Software for Small Businesses

Tax Refunds

SELECT

All Help for Low Credit Scores

Best Credit Cards for Bad Credit

Best Personal Loans for Bad Credit

Best Debt Consolidation Loans for Bad Credit

Personal Loans if You Don't Have Credit

Best Credit Cards for Building Credit

Personal Loans for 580 Credit Score or Lower

Personal Loans for 670 Credit Score or Lower

Best Mortgages for Bad Credit

Best Hardship Loans

How to Boost Your Credit Score

SELECT

All Investing

Best IRA Accounts

Best Roth IRA Accounts

Best Investing Apps

Best Free Stock Trading Platforms

Best Robo-Advisors

Index Funds

Mutual Funds

ETFs

Bonds

In this article

Satellite-imagery and data-analysis company Planet is restructuring and laying off 117 employees, it announced on Tuesday.

The layoffs affect about 10% of Planet's approximately 1,000 employees.

This action was taken to increase the company's focus on its high priority growth opportunities and operational efficiency, which the company believes will further support its long term strategy and path to profitability, Planet wrote in a securities filing.

Planet CEO Will Marshall, in a company-wide note on Tuesday morning, wrote that I want to be clear that I am responsible for the decisions that led us here.

I know this has significant effects on the lives of our team and their families, and for that I am sorry. We do not make these changes lightly, Marshall added.

Sign up here to receive weekly editions of CNBC's Investing in Space newsletter.

Planet's stock was little changed in premarket trading from its previous close of $3.75 a share. The stock is down about 15% year-to-date.

Earlier this year, the company lowered its annual forecast, citing a challenging macro environment.

Marshall noted that Planet's expansion since the company went public in December 2021 increased cost and complexity, which slowed us down in some regards.

We are making changes to prioritize our attention on the highest ROI opportunities for our business and mission, while reinforcing our path to profitability, consistent with what we shared on our prior earnings call, Marshall added.

Got a confidential news tip? We want to hear from you.

Get this delivered to your inbox, and more info about our products and services.

Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes, and Market Data and Analysis.

Data also provided by