Planet PL lays off about 10%, business reorganizes

Planet PL lays off about 10%, company restructures

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Traders deal with the flooring of the New York Stock Exchange (NYSE) on December 08, 2021 in New York City.

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Satellite- images and data-analysis business Planet is reorganizing and laying off 117 staff members, it revealed on Tuesday.

The layoffs impact about 10% of Planet’s around 1,000 staff members.

“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 composed in a securities filing.

Planet CEO Will Marshall, in a company-wide note on Tuesday early morning, composed 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 included.

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Planet’s stock was little bit altered 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 business decreased its yearly projection, mentioning a “challenging macro environment.”

Marshall kept in mind that Planet’s growth given that the business 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 included.