Ginkgo Bioworks (NYSE:DNA) layoffs continue today with the cell programming company announcing additional job cuts.
The latest update to the Ginkgo Bioworks layoffs reveals that the company is planning to cut at least 35% of its workers. That comes to roughly 400 employees based on its last total headcount of 1,218 people.
Ginkgo notes that these layoffs are part of a restructuring plan. This will see some of the job cuts happening in 2025 as it continues to alter its business. However, the initial job cuts will begin this month.
Ginkgo Bioworks says it will suffer $12 million in severance and related separation costs as part of its initial job cuts. The company also says it expects labor costs to decrease by 25% after its restructuring.
More Ginkgo Bioworks Layoffs
The expanded layoffs announced by Ginkgo Bioworks come after others were announced earlier this week. That included plans to cut 158 workers. These are included in the larger number of layoffs announced by the company today.
DNA stock is down 10.6% as of Wednesday afternoon. That comes with over 52 million shares traded. This is above its daily average trading volume of about 48.5 million shares.
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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.
