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How will 23andMe's stock perform relative to NASDAQ by June 30, 2025?
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Story
23andMe Cuts 200 Jobs, Discontinues Therapy Programs Ahead of Holidays
Nov 12, 2024, 02:45 PM
Genetic testing firm 23andMe (NASDAQ: ME), headquartered in South San Francisco, announced that it is reducing its workforce by about 40%, cutting over 200 jobs ahead of the holidays, as part of a restructuring program aimed at reducing costs and focusing on its core consumer business. The company is also discontinuing all therapy programs, shutting down its therapeutics division and ceasing all drug development and clinical trials, including cancer research programs. CEO Anne Wojcicki stated that the decision is intended to streamline operations and position the company for future growth. The layoffs are expected to save around $35 million but will incur up to $12 million in one-time costs. The announcement comes as the company reported declining revenue in its most recent quarter.
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