Planet PL lays off about 10%, company restructures

Satellite-imagery and data-analysis company Planet is restructuring and laying off 117 employees, it announced on Tuesday.

The layoffs affect about 10% of Planet’s approximately 1,000 employees.

“This action was taken to increase the company’s focus on its high priority growth opportunities and operational efficiency, which the company believes will further support its long term strategy and path to profitability,” Planet wrote in a securities filing.

Earlier this year the company lowered its annual forecast, citing a “challenging macro environment.”