Ginkgo Bioworks, a Boston life sciences firm, is laying off 158 employees with more layoffs expected. The company announced plans to cut labor costs by 25%, reducing employees from 1,218 at the end of last year. The layoffs are part of a restructuring to focus on reaching breakeven. Ginkgo’s revenue declined, leading to cost-cutting measures and operational consolidation. The company also faces delisting from the stock exchange due to low stock prices. Founded in 2008, Ginkgo was once a successful startup but has struggled since going public in 2021. The company is shifting focus to biosecurity and monitoring pathogens in wastewater.
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Ginkgo Bioworks lays off 158 employees, with more to come
