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 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:
“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 stock 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. Shares are trading below $1 apiece, putting DNA 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.
Investors will want to keep reading for more of the most recent stock market stories!
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!
More Monday Stock Market News
- Why Is G1 Therapeutics (GTHX) Stock Down 56% Today?
- Why Is DermTech (DMTK) Stock Down 26% Today?
- Why Is Sunrise New Energy (EPOW) Stock Up 34% Today?
On Penny Stocks and Low-Volume Stocks: With only the rarest exceptions, InvestorPlace does not publish commentary about companies that have a market cap of less than $100 million or trade less than 100,000 shares each day. That’s because these “penny stocks” are frequently the playground for scam artists and market manipulators. If we ever do publish commentary on a low-volume stock that may be affected by our commentary, we demand that InvestorPlace.com’s writers disclose this fact and warn readers of the risks.
Read More: Penny Stocks — How to Profit Without Getting Scammed
On the date of publication, William White did not hold (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.
