Planet Labs PBC Plans To Reduce Its Global Headcount By 180 Employees, Which Represents 17% Of Total Number Of Employees - Filing
Portfolio Pulse from Benzinga Newsdesk
Planet Labs PBC plans to reduce its global headcount by 180 employees, representing 17% of its total workforce. The company expects to incur non-recurring charges of $9.5 million to $10.5 million due to severance and termination benefits, mostly in the second quarter of fiscal 2025. The headcount reduction is expected to be substantially complete by the end of the fiscal year ending January 31, 2025.
June 26, 2024 | 10:14 am
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Planet Labs PBC is reducing its workforce by 17%, incurring $9.5M-$10.5M in severance and termination costs. The majority of these costs will be recognized in Q2 FY 2025, with the process expected to be complete by the end of FY 2025.
The reduction in workforce and associated costs are likely to be viewed negatively by investors in the short term, as it indicates potential operational challenges and financial strain. The non-recurring charges will impact the company's financials, particularly in Q2 FY 2025.
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