https://layoffcheck.com/companies/ginkgo-bioworks Layoff and WARN notices reported for Ginkgo Bioworks. en-us https://layoffcheck.com/companies/ginkgo-bioworks#2024-06 https://layoffcheck.com/companies/ginkgo-bioworks#2024-06-749 Mon, 24 Jun 2024 12:00:00 GMT Ginkgo Bioworks reported a workforce reduction in Boston in June 24, 2024. https://layoffcheck.com/companies/ginkgo-bioworks#2024-06 https://layoffcheck.com/companies/ginkgo-bioworks#2024-06-751 Thu, 20 Jun 2024 12:00:00 GMT Ginkgo Bioworks announced in June 2024 that it would cut at least 35% of its workforce, affecting roughly 400 of approximately 1,200 employees at the Boston-based synthetic biology company. The reductions followed a sharp revenue decline: Q1 2024 revenue fell 53% year-over-year to $38 million, and the company lowered its full-year forecast by about 20% to $170-190 million. CEO Jason Kelly called the situation one requiring "decisive action" and took personal responsibility, writing that "this was the hardest change we've made at Ginkgo and it's on myself and leadership for the decisions that led up to it." Labor costs were expected to drop by at least 25%, and the company planned to consolidate operations and potentially sublease excess office space at its Seaport district headquarters. Ginkgo closed Q1 with $850 million in cash and no significant debt, but its stock had fallen to 32 cents per share and NYSE had threatened delisting.