Planet Layoffs

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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.

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