Planet Labs lays off 10% of staff
August 3, 2023
By Chris Forrester
Satellite imagery specialist Planet Labs is laying off 117 staff, about 10 per cent of its workforce. The company says the decision is made in order to “focus on its high priority growth opportunities and operational efficiency:”
Planet Labs CEO Will Marshall, in a note to staff, said: “I want to be clear that 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.”
He reminded staff that Planet Labs has scaled rapidly and continues to grow apace, “but the expansion of projects has also increased cost and complexity which slowed us down in some regards.”
Overall revenues last year were $131 million. Its Q1 revenues this year were $52.7 million (up 31 percent y-o-y).
Marshall added that San Francisco-based Planet Labs remains hyper-relevant and the increasing global attention on peace and security will continue to be tailwinds for years to come.