Why Ginkgo Bioworks Stock Blasted 7% Higher Today
Cutting-edge biotech company Ginkgo Bioworks Holdings (NYSE: DNA) was a popular stock on Tuesday. The cell engineering specialist's share price zoomed more than 7% higher today, thanks to quarterly results that greatly pleased investors.
Interestingly, Ginkgo actually missed widely on earnings. For its second quarter, the company's net loss ballooned to nearly $669 million ($0.41 per share), from a shortfall just shy of $54 million in the same period a year ago. On average, analysts tracking the stock were expecting a much thinner deficit of $0.05 per share.
The story was much different on the top line, with almost $145 million in total revenue. That was nearly double the just under $79 million that was collectively anticipated by prognosticators.
Source Fool.com
