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Planet to Lay Off 17% of its Workforce 

By Rachel Jewett | June 28, 2024

      A photo from Planet’s debut on the New York Stock Exchange. Photo: Planet

      Planet Labs is going through another round of layoffs and will lay off approximately 180 employees, about 17% of its workforce. The company disclosed the layoffs in filings to the Securities and Exchange Commission on June 26. 

      Planet said the layoffs are due to “aligning the company’s resources to the market opportunity, improving operational efficiency, and supporting the long-term growth and profitability of the business.” Planet will have approximately $9.5 million to $10.5 million in charges due to the layoffs.  

      This is Planet’s second round of layoffs in a little over a year. Last year, Planet laid off around 117 employees in a move to refocus on opportunities with a higher ROI. 

      Planet recently reported its first quarter financials for fiscal year 2025, with record quarterly revenue of $60.4 million, up 15% year-over-year. 

      Executives said in a call with investors earlier in June that increased revenue was due to strength in the government sector, while the commercial sector is experiencing headwinds. Leaders mentioned particular issues in agriculture, as Planet’s agriculture customers are struggling with their own business models.