Why 23andMe Holding Stock Plummeted by 13% Today

Genetic-testing company and researcher 23andMe Holding (NASDAQ: ME) wasn't testing very well with investors on Wednesday. They assertively sold out of the company's shares, to the point where the shares ended the day down by nearly 13%.

That was a far steeper decline than the 0.7% slide of the S 500 index. The chief culprit was 23andMe's latest earnings release.

This was broadcast just after market hours on Tuesday, engendering the sharply negative investor reaction the following trading session. For its first quarter of fiscal 2024, 23andMe's revenue was just under $60.9 million, down from the $64.5 million it booked in the same period the prior year. Additionally, it landed below the consensus analyst estimate of $61.6 million.

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Source Fool.com