Planet Labs PBC Announces Workforce Reduction and Stable Outlook

Planet Labs PBC (PL) has issued an update.

Planet Labs PBC has decided to reduce its workforce by about 17%, impacting 180 employees, as part of its strategy to realign resources with market opportunities and enhance operational efficiency. The company anticipates incurring one-time costs between $9.5 million to $10.5 million from this reduction, primarily within the second quarter of fiscal 2025. Despite these changes, Planet Labs has confirmed that its current financial outlook remains unchanged from the guidance provided in the June 6, 2024 earnings announcement.

For detailed information about PL stock, go to TipRanks’ Stock Analysis page.