Planet Labs to Cut 180 Jobs

Dow Jones06-26

By Michael Susin

Planet Labs on Wednesday said it will reduce nearly 20% of its global workforce.

The company said it filed an 8K form with the U.S Securities and Exchange Commission to lay off around 180 employees, a decision estimated to have a one-off cost of around $9.5 million to $10.5 million. The charge is mostly expected to be incurred in the second quarter of fiscal 2025.

The reduction is expected to be mostly completed by the end of the fiscal year ending Jan. 31.

"This action was taken consistent with the company's ongoing focus on aligning the company's resources to the market opportunity, improving operational efficiency, and supporting the long-term growth and profitability of the business," Planet Labs said.

It added that there are no changes to the company's guidance.

Write to Michael Susin at michael.susin@wsj.com

(END) Dow Jones Newswires

June 26, 2024 06:34 ET (10:34 GMT)

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