Planet Labs Slashes Workforce By 17%, Eyes Efficiency Amid Financial Challenges

Benzinga06-26

On Wednesday, Planet Labs (NYSE:PL) announced a reduction in workforce affecting approximately 17% of its employees. In an exchange filing, the company announced it would reduce its global workforce ...

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These charges include severance and other termination benefits.The company anticipates to record most of these expenses in the second quarter of fiscal 2025.It aims to finalize the headcount reductions, along with associated cash payments, by the end of the fiscal year ending January 31, 2025.Nevertheless, the company affirmed that there have been no revisions to its previously announced financial guidanc","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4123":"调查和咨询服务","PL":"Planet  Labs Pbc"},"translate_title":"Planet Labs裁员17%，在财务挑战中注重效率","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PL":0.9},"content_text":"On Wednesday, Planet Labs (NYSE:PL) announced a reduction in workforce affecting approximately 17% of its employees.\nIn an exchange filing, the company announced it would reduce its global workforce by about 180, constituting approximately 17% of its workforce before the cuts.\nThis decision aligns with the company’s strategy to realign resources with market opportunities, enhance operational efficiency, and foster long-term growth and profitability.\nDue to the workforce reduction, the company expects to incur non-recurring charges totaling approximately $9.5 million to $10.5 million before taxes. These charges include severance and other termination benefits.\nThe company anticipates to record most of these expenses in the second quarter of fiscal 2025.\nIt aims to finalize the headcount reductions, along with associated cash payments, by the end of the fiscal year ending January 31, 2025.\nNevertheless, the company affirmed that there have been no revisions to its previously announced financial guidance or targets as stated in its latest earnings update on June 6, 2024.\nAccording to Benzinga Pro, PL stock has lost over 38% in the past year. Investors can gain exposure to the stock via Procure Space ETF (NASDAQ:UFO).\nFor the second quarter of fiscal year 2025, ending July 31, 2024, Planet Labs expects revenue to be approximately $59 million to $63 million (street view: 61.93 million).\nNon-GAAP Gross Margin is expected to be in the range of approximately 51% to 53%.\nThe company sees an adjusted EBITDA loss of approximately ($10) million and ($7) million for the quarter.\nPrice Action: PL shares are trading higher by 1.08% to $1.88 at the last check on Wednesday.\nPhoto by rafapress via Shutterstock\n\"ACTIVE INVESTORS' SECRET WEAPON\" Supercharge Your Stock Market Game with the #1 \"news & everything else\" trading tool: Benzinga Pro - Click here to start Your 14-Day Trial Now!\nGet the latest stock analysis from Benzinga?\n\nPLANET LABS (PL): Free Stock Analysis Report\n\nThis article Planet Labs Slashes Workforce By 17%, Eyes Efficiency Amid Financial Challenges originally appeared on Benzinga.com\n© 2024 Benzinga.com. Benzinga does not provide investment advice. 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