Ginkgo Bioworks (NYSE:DNA) layoffs are coming for 158 of the company’s employees and more are on the way.
Ginkgo Bioworks has revealed that it’s going to be cutting 158 jobs as part of its effort to reduce its labor costs by 25%. On top of that, the company says that an unknown number of jobs will be cut next week.
These are the layoffs announced by Ginkgo Bioworks back in May. The headcount reductions follow a lackluster earnings report a few weeks ago. That also saw the company lower its outlook for the year.
Ginkgo Bioworks co-founder and CEO Jason Kelly said the following about the layoffs to The Boston Globe.
“These are amazing employees who are being let go as part of changes we are making to our technology platform at Ginkgo and a near term focus on reaching breakeven. We are sad to see them go.”
Ginkgo Bioworks Layoffs: What’s Next
DNA continues to struggle after its earnings report. On top of the layoffs, the company is also in danger of being delisted from the New York Stock Exchange. It’s shares trading below $1 each puts it in danger of delisting.
With the layoffs news comes a 6.3% drop for DNA stock today. That builds on its 76.2% drop since the start of the year.
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We have all of the hottest stock market news available on Monday! Among that is what has shares of G1 Therapeutics (NASDAQ:GTHX), DermTech (NASDAQ:DMTK) and Sunrise New Energy (NASDAQ:EPOW) stock on the move today. All of that news is ready at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
