Planet Labs to lay off 10% of workforce amid restructuring

San Francisco, August 2 (SocialNews.XYZ) US-based satellite-imagery and data-analysis company Planet Labs has announced to lay off about 10 per cent of its workforce, or about 117 employees, amid restructuring.

"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 wrote in the US Securities and Exchange Commission (SEC) filing.

As a result of the headcount reduction, the company currently estimated that it will incur non-recurring charges of approximately $7 million to $8 million in aggregate pre-tax costs in connection with the reduction, consisting of one-time severance and other termination benefit costs.

In a blog post shared on Tuesday, Planet's CEO Will Marshall said: "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."

The CEO also noted that Planet’s expansion since the company went public in December 2021 “increased cost and complexity, which slowed us down in some regards”.

“We are making changes to prioritise 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 said.

All departing employees will receive at least 14 weeks of pay, as well as a cash contribution towards continued healthcare, immigration support benefits, and career counselling for those who choose it, the company said.

Meanwhile, US-based software company Sisense has announced to lay off 15 per cent of its workforce, or about 100 employees.

The job cuts will affect all departments, including the Israeli headquarters, which employs 150 employees, reports CTech.

Source: IANS