Planet

Earth observation company Planet announced on June 26, 2024, that it is laying off approximately 180 employees, representing 17% of its workforce, as part of a cost-reduction effort to improve operational efficiency and focus on long-term growth and profitability. This marks the second major workforce reduction in less than a year, following a layoff of 117 employees in July 2023. Despite reporting record quarterly revenue of $60.4 million in its fiscal first quarter, the company continues to face net losses, prompting strategic realignment toward higher-return opportunities. Planet, which operates in the aerospace and Earth imaging industry, is concurrently advancing its mission with the planned launch of its first hyperspectral satellite, Tanager-1, in July 2024.

Satellite-imagery and data-analysis company Planet announced a restructuring on Tuesday, laying off 117 employees, which represents about 10% of its workforce of approximately 1,000. The move is aimed at increasing focus on high-priority growth opportunities and improving operational efficiency to support the company's long-term strategy and path to profitability. CEO Will Marshall took responsibility for the decisions leading to the layoffs, citing that the company's expansion since its 2021 public listing had increased costs and complexity. This follows a lowered annual forecast earlier in the year due to a challenging macro environment.