Planet Labs (PL) to Cut 17% Staff

On June 24, 2024, Planet Labs (NYSE: PL) committed to a plan to reduce its global headcount by approximately 180 employees, which represents approximately 17% of the Company’s total number of employees prior to the reduction (the “headcount reduction”). 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.

As a result of the headcount reduction, the Company estimates that it will incur non-recurring charges of approximately $9.5 million to $10.5 million in aggregate pre-tax costs in connection with the reduction, consisting of one-time severance and other termination benefit costs. The Company expects that the majority of these charges will be incurred in the second quarter of fiscal 2025, and that the headcount reductions, including related cash payments, will be substantially complete by the end of the fiscal year ending January 31, 2025. The foregoing amounts do not include any non-cash charges associated with stock-based compensation. The timing and cost estimates related to the headcount reduction plan are subject to a number of assumptions and actual results may differ materially from those expected and disclosed above. The Company intends to exclude the charges associated with the headcount reduction from its non-GAAP financial metrics, including Adjusted EBITDA.

You May Also Be Interested In

• Snowflake (SNOW) Announces Resignation of EVP of Engineering and Support Greg Czajkowski
• Civeo (CVEO) Appoints Andrew S. Fraser as President, Canada
• Schlumberger (SLB) Provides Update on Planned Acquisition of ChampionX