Reported 12 months ago
Ginkgo Bioworks, a US biotechnology company, has announced a major restructuring plan to lay off approximately 35% of its workforce in response to ongoing financial troubles and market challenges. The layoffs are expected to affect around 400 employees and are part of the company's strategy to reduce operating costs by $200 million within the next 12 months. Due to declining sales leading to a quarterly loss of $178 million and the risk of delisting due to low stock prices, the company aims to achieve profitability by the end of 2026 through this restructuring plan.
Source: YAHOO