In a surprising turn of events, a California based Earth observation company, Planet, is facing another significant round of layoffs. The company recently announced it’s cutting 180 jobs, which accounts for about 17% of its workforce. This decision was revealed in filings with the SEC on June 26.
Planet, headquartered in San Francisco, isn’t just any tech company. They have a pretty lofty goal—to image the entire Earth every day. Their satellite constellation allows them to monitor global changes and identify trends, providing vital data for sectors ranging from agriculture to disaster response.
However, this is the second time in less than a year that Planet has had to reduce its workforce. Back in July 2023, they let go of 117 employees, about 10% of their staff at that time. Both instances of downsizing were attributed to the same reasons: aligning resources better with market opportunities, improving operational efficiency, and ensuring long-term growth and profitability.
It’s a tough scene over at Planet. Even with a mission as critical as theirs, they’re facing the kind of financial and operational pressures that many tech and space sector companies encounter. Despite these setbacks, Planet is determined to push forward with their mission, continuing to leverage their technology to deliver valuable insights across the globe.