"Planet Streamlines Workforce to Maximize Returns on Investment"

Satellite imagery company Planet is laying off around 10% of its workforce, or 117 employees, in order to focus on driving revenue and achieving profitability. The decision comes after a deep assessment of the business and spending, with the aim of prioritizing the highest ROI opportunities. Planet went public in December 2021 through a SPAC merger, but like many space companies, it has struggled to meet revenue projections. While the company has reported growing revenues, operating costs remain high. CEO Will Marshall takes responsibility for the decision and acknowledges the impact on employees and their families. Planet's stock closed at $3.75 a share, significantly lower than its IPO price of $11.35.