Planet Labs: Unexpected slump in new orders forces cutbacks this year to maintain profitability target

by Peter B. de Selding

SINGAPORE — Satellite geospatial imagery provider Planet Labs PBC is cutting back on its spending, including delaying planned new sales and marketing staff, in an attempt to reach its promised EBITDA-positive status by late next year in the face of an unpredicted slump in demand.

Planet reported a 31% increase in revenue for the three months ending April 30 an expanded its gross margins to 56% from 45% a year ago. But the company said it encountered a surprising trend in recent weeks in which government and commercial customers have cut . . .

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