Ginkgo Bioworks, a synthetic biology company, announced plans to significantly reduce its workforce and operational costs following a sharp 53% decline in Q1 revenues, primarily due to the ramp down of COVID-19 testing services. The company intends to cut labor expenses by at least 25% and is exploring options to terminate and sublease excess office space. Ginkgo's financial struggles also prompted the decision to lay off an unspecified number of employees. The company, which is the largest tenant of the Drydock Avenue building in the seaport area, is also considering subleasing its additional building across the street. Ginkgo's stock symbol is $DNA.
After lackluster first-quarter earnings, Ginkgo Bioworks said it will slash labor expenses by at least 25 percent, which will include an unspecified number of job cuts. https://t.co/ThaUSaXeXP
Layoffs at synthetic biology player Ginkgo which is exploring "ability to terminate and/or sublease excess space." Managers of huge Drydock Avenue building (seaport) gotta be nervous. Ginkgo is biggest single tenant (>50% i hear) + has building across street, too. https://t.co/pwdp5GHeuQ
After a disappointing first quarter earnings, Ginkgo Bioworks plans to reduce its labor expenses at least 25%. The company also wants to terminate and sublease extra space. https://t.co/YqcjgoBw0D
Biotech RIF: Ginkgo to cut spending, lay off staff after earnings disappointment $DNA https://t.co/0wBTuBjptN
Ginkgo Bioworks Plans Layoffs as Q1 Revenues Tank 53 Percent on Ramp Down of COVID-19 Testing https://t.co/YCXwMv3unC