Why Ginkgo Bioworks Stock Plunged by 8% This Week
This week was one to forget for Ginkgo Bioworks (NYSE: DNA) shareholders. In the Monday-to-Friday period, their investment lost slightly more than 8% of its value on the stock market, according to data compiled by S&P Global Market Intelligence. The main culprit was the company's latest set of quarterly results.
On Wednesday Ginkgo, which concentrates on state-of-the-art cell programming, posted revenue of $80.6 million for its second quarter. That was well under the $144.6 million it earned in the same period of 2022, however.
Better news came on the bottom line where the highly specialized healthcare company narrowed its net loss considerably. This came in a bit over $173 million ($0.09), against the year-ago quarter's $669 million deficit.
Source Fool.com
