Planet Labs (NYSE:PL) layoffs are a hot topic on Monday as the geospatial data satellite company cuts jobs.
A filing with the U.S. Securities and Exchange Commission (SEC) reveals that the Planet Labs layoffs will affect a total of 180 employees. That represents 17% of the satellite company’s workers.
Planet Labs notes that it expects to suffer one-time charges of $9.5 million to $10.5 million connected to these layoffs. It expects these charges to occur during the second quarter of fiscal 2025. It also plans for the layoffs to be complete by the end of Jan. 31, 2025.
What’s Behind the Planet Labs Layoffs?
Planet Labs says the following about the headcount reductions in its SEC filing:
“This action was taken consistent with the Company’s ongoing focus on aligning the Company’s resources to the market opportunity, improving operational efficiency, and supporting the long-term growth and profitability of the business.”
Additionally, Planet Labs says there are no changes to its guidance provided on June 6, 2024.
PL stock is down 3.2% as of Monday morning. The stock is also down 24.6% since the start of the year. Today’s movement comes with some 464,000 shares traded, as compared to a daily average of about 1.5 million shares.
Investors will want to keep reading for more of the most recent stock market stories!
We have all of the hottest stock market news that traders need to know about on Monday! Among that is what has stocks down today, the latest news on Cassava Sciences (NASDAQ:SAVA) stock and more. All of this info is ready at the links below!
More Monday Stock Market News
- Why Are Stocks Down Today?
- SAVA Stock Alert: Former Cassava Science Advisor Charged With Fraud
- XELA Stock Alert: Exela Announces Spinoff of BPA Company
On the date of publication, William White did not have (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.
On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.
