Ginkgo to cut costs as pandemic-related business slows

Ginkgo Bioworks is cutting costs and laying off staff after losing $166 million in the first quarter. Revenue from its disease-monitoring business surged during the COVID-19 pandemic but was down more than 50% compared with the first quarter of 2023. Its business that engineers microbes for biomanufacturing customers slowed because fewer start-ups were seeking help. Ginkgo plans to cut spending on laboratory space by 60% and labor by 25% over the next year. The company’s share price has fallen more than 90% since 2021. It could be delisted from the New York Stock Exchange if the price doesn’t improve.