23andMe reports sales decline a day after announcing plans to cut 40% of workforce

CNBC November 12, 2024
Ashley Capoot

Key Points

– 23andMe on Tuesday reported that second-quarter revenue fell to $44.1 million from $50 million a year earlier.

– The embattled genetics company said Monday that it’s cutting about 200 jobs, or about 40% of its workforce, and discontinuing its therapeutics programs.

– Shares in the company are down 75% this year after losing more than half their value in 2023.

23andMe on Tuesday reported declining revenue in its most recent quarter, a day after the company said it will cut 40% of its workforce and shutter its therapeutics business as part of a business restructuring plan.

The embattled genetics company reported $44.1 million in revenue for the fiscal second quarter, down from $50 million in the same...

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