Satellite startup Planet lays off 10% of its workforce, most located in San Francisco
According to a filing to the SEC yesterday, the smallsat startup Planet has laid off 10% of its workforce, 117 employees of which 85 are located in San Francisco, in order “to prioritize our attention on the highest ROI [return on investment] opportunities for our business and mission,” as expressed by the company’s CEO to his employees.
The company presently operates a constellation of more than 200 small satellites designed to provide high resolution imagery of the Earth. In late 2021 it went public through a merger with a SPAC (special purpose acquisition company), and has since seen its stock price drop from $11.35 to $3.75 yesterday.
The layoffs this week are likely simply the company recognizing that its main office in San Francisco had become bloated and it needed to economize. It is even possible the company is now considering a move from San Fran and California, though this is not mentioned in any of its announcements.
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