Ginkgo Biotech Sinks 10% After Hours on Q1 Revenue Miss

DNA sank 10% to $0.83 a share shortly before 5 p.m. ET after the firm said Q1 revenues fell 53% from the same period last year to reach $37.9 million – below the $46.4 million consensus that analysts had reported expected.

Ginkgo's adjusted loss per share came in at $0.08, matching analysts' consensus forecast.

DNA said it intends to address the red ink by cutting op-ex $200 million a year by mid-2025 through such steps as at least a 25% cut in its R&D and general-and-administrative labor costs.

The firm also plans to consolidate facilities in a bid to reduce footprint costs by up to 60%.

"Ginkgo is an increasingly important part of the biotech ecosystem, and we are taking decisive action to keep it that way," company co-founder and CEO Jason Kelly said in announcing the moves.