This latest news has Astra Space announcing layoffs that affect 16% of its employees. The company doesn’t say how many this totals, but it employs over 400 people. That suggests that around 60 people will be laid off. However, the company did not file a Worker Adjustment and Retraining Notification (WARN) notice, which means that number may be less.
With these newest layoffs, Astra Space is switching its focus toward electric thrusters as well as a new launch vehicle. With this change, the company won’t put as much effort into developing a constellation of communication satellites.
It’s worth noting that Astra Space has avoided laying off people for some time now. These layoffs are the first since ASTR stock went public back in 2021, SpaceNews notes.
ASTR Stock: CEO Comments on Astra Layoffs
Astra Space CEO Chris Kemp said the following about the layoffs to CNBC.
“Given the challenging macroeconomic environment, we made the difficult but prudent decision to reduce our operating expenses to support our primary near-term objectives.”
While trading is light today, ASTR stock investors aren’t reacting well to the layoff news. As of Wednesday afternoon, shares of the stock are down 11.6% and down 92.3% since the start of the year.
Investors looking for more recent stock market news will want to stick around!
We’ve got all of the biggest stock stories traders need to know about for Wednesday! A few examples include what’s happening with shares of Intel (NASDAQ:INTC), Meta Platforms (NASDAQ:META) and Redfin (NASDAQ:RDFN) stock today. You can find out more on these matters at the following links!
More Wednesday Stock Market News
- Intel Layoffs 2022: What to Know About INTC Job Cuts, Hiring Freeze
- Mark Zuckerberg Confirms: Meta Layoffs Will Cut 11,000 Employees
- Redfin Layoffs 2022: RDFN Stock Sinks as Redfin Cuts 13% of Workforce
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.