KEY POINTS
- Company let go of 2% of its workforce
- Balancing costs and growth strategy cited as reason
- Fired 155 workers in Feb 2015
- Stock slumped to three-year low in September
DigitalGlobe continues to wade through difficult waters. The company let go of 40 employees, or about 2% of its workforce, last weekend. The space imaging company is saying that this decision was necessary to balance costs and growth strategy. Viewers should note that it was only in February this year that DigitalGlobe fired 155 employees as part of what it said was an overall strategy shift. And that’s not all. Last month, negative reports by Benchmark and JP Morgan pushed the company’s stock to a three-year low. DG’s founder and chief technical officer, Walter Scott, rubbished the reports, saying a new U.S. government contract worth “tens of millions of dollars” would keep its business base solid.
