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23ANDME TO LAY OFF ABOUT 75 AFTER ANNUAL LOSSES REACH $317M
Giles Bruce - Monday, June 12th, 2023
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DNA testing company 23andMe said it plans to lay off about 75 employees, or 9
percent of its staff, in a cost-cutting move, according to a securities filing.
The genomics company said the organizational change will eventually reduce
annual payroll and benefit expenses by $12.8 million, per the June 9 filing. The
reduction plan is expected to be completed by the first quarter of fiscal 2024,
which ends March 31. 23andMe's net losses increased from $217 million to $317
million in the 12 months ending in March, according to a May earnings report.
"As we continue to navigate uncertainties in the global economy and financial
markets, we made the difficult decision to reduce our workforce by 9 percent," a
company spokesperson emailed Becker's. "We believe this will help ensure 23andMe
is set up for long-term growth and success. Those impacted have been notified,
and we are truly grateful for their part in helping grow our business and
delivering on our mission."
Subscribe to the following topics: genomics23andmepayrolldna testing
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