Satellite tv for pc imagery firm Planet introduced on Tuesday that it’s laying off 117 workers, or round 10% of the workforce, because it appears to deal with driving income amid an ongoing downturn within the public markets.
In a note posted on the corporate’s weblog, CEO Will Marshall mentioned the choice to chop workers happened after “a deep evaluation of our enterprise and spending.”
“Our enterprise has scaled quickly and continues to develop apace, however the enlargement of initiatives has additionally elevated value and complexity, which slowed us down in some regards,” he mentioned. “We’re making modifications to prioritize our consideration on the best ROI alternatives for our enterprise and mission, whereas reinforcing our path to profitability, in keeping with what we shared on our prior earnings name.”
Planet went public in December 2021 after combining with a particular objective acquisition firm, or SPACs. Their public itemizing was a part of a huge boom of SPAC IPOs, although a lot of the area corporations that went public on this method have badly didn’t hit their projections on income and different targets.
However Planet has been one of many notable stand-outs amongst this crowd, persistently reporting rising revenues that find yourself towards the highest finish of their projections. However working prices have additionally been excessive, and the corporate has but to realize profitability.
“I wish to be clear that I’m chargeable for the choices that led us right here,” Marshall mentioned. “I do know this has vital results on the lives of our workforce and their households, and for that I’m sorry. We don’t make these modifications flippantly.”
Planet’s inventory closed at $11.35 a share the day after it went public; yesterday, it closed at $3.75 a share.