Two Bay Area tech companies to lay off hundreds of workers
Story by Aidin Vaziri
Two Bay Area tech companies have announced plans to lay off hundreds of employees.
Planet Labs, a satellite imaging company based in San Francisco, is laying off 98 employees, about 16% of its workforce, according to regulatory filings.
Despite reporting a 15% year-over-year increase in revenue to a record $60.4 million in its first-quarter earnings, the company posted an adjusted loss of $8.4 million before interest, taxes, depreciation and amortization.
“Planet delivered a solid quarter to start the year. Growth was driven by the government sector where we are seeing increased demand for our data, particularly when enhanced by AI-based partner solutions,” Will Marshall, Planet’s co-founder and CEO, said in a statement to investors.
Though the company renewed a contract with the National Reconnaissance Office, it anticipates a second-quarter adjusted loss of between $7 million to $10 million.
Last year, Planet Labs laid off 117 workers, according to a corporate filing.
Lacework, a security software firm in Mountain View, is also permanently laying off 180 employees.
Earlier this month, the nearly 10-year-old company that once had an $8.3 billion valuation announced its acquisition by Fortinet, a rival cybersecurity company based in Sunnyvale.
“With this acquisition, we’re more excited and well-resourced than ever to build the next chapter of comprehensive security solutions together,” Lacework said in a blog post announcing the deal addressed to its customers.
Reach Aidin Vaziri: avaziri@sfchronicle.com
Two Bay Area tech companies to lay off hundreds of workers
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