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Planet Payment posts first-quarter loss due to layoffs

A Google street view of the Planet Payment

A Google street view of the Planet Payment headquarters in Long Beach in February 2013. Photo Credit: Google

Long Beach-based Planet Payment Inc. said that costs related to layoffs produced a first-quarter net loss of $779,290, compared with a year-earlier profit of $371,916.

Revenue at the payment-transaction company was also weaker -- $11.2 million in the quarter ended March 31, compared with $12.1 million a year ago, the company said in its earnings report released Monday. Planet Payment said it laid off 19 people, or about 10 percent of its work force, which resulted in restructuring charges of $629,215.

The company provides payment-processing services in 23 countries that allow customers and merchants to transact credit-card business in multiple currencies. The stock closed Tuesday at $2.53 a share, up 36 cents, or 17 percent, in Nasdaq trading.

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