Planet Labs Layoffs 2024: What to Know About the Latest Planet Job Cuts

Core Viewpoint - Planet Labs is undergoing significant layoffs, affecting 180 employees, which is 17% of its workforce, as part of a strategy to improve operational efficiency and align resources with market opportunities [6][8]. Group 1: Layoff Details - The company expects one-time charges related to the layoffs to be between $9.5 million and $10.5 million, anticipated to occur in the second quarter of fiscal 2025 [2]. - The layoffs are expected to be completed by January 31, 2025 [2]. Group 2: Stock Performance - As of Monday morning, Planet Labs' stock is down 3.2% and has decreased by 24.6% since the beginning of the year [4]. - Approximately 464,000 shares were traded on this day, compared to a daily average of about 1.5 million shares [4]. Group 3: Company Guidance - Planet Labs has stated that there will be no changes to its previously provided guidance from June 6, 2024, despite the layoffs [7].