Why Ginkgo Bioworks Stock Was Plummeting on Thursday
There was plenty of action in Ginkgo Bioworks (NYSE: DNA) stock on Thursday, but not the kind the company probably like. Investors sold out of the biotech following the publication of its latest earnings release. In mid-afternoon trading, Ginkgo's share price was down by nearly 15%. At that point, the S&P 500 index had only dipped by 0.6%.
For its third quarter, Ginkgo's revenue fell by 17% year over year to $55 million. The company said an expected decline in schools dampened sales in its biosecurity business segment. An encouraging 51% rise in cell engineering segment revenue (to $37 million) couldn't offset that drop.
On a somewhat brighter note, the biotech managed to cut its non-GAAP (adjusted) net loss by more than half. The quarter's shortfall was nearly $303 million, or $0.16 per share, against the year-ago deficit of $670 million.
Source Fool.com
