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Why Ginkgo Bioworks Stock Is Sinking Today

TheMotleyFool

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Why Ginkgo Bioworks Stock Is Sinking TodayPhoto, wide shot, wide-angle lens, Clinical research organization, Blue hour, twilight, cool, ISO1200, slow shutter speed, photo by David Maisel: https://img.theapi.app/temp/0e9d087d-988e-4397-b7cf-6049e2776769.png

Shares of Ginkgo Bioworks (NYSE: DNA) were sinking 9.5% lower as of 11:34 a.m. ET on Friday. The sell-off came after the biotechnology company announced its fourth-quarter and full-year 2023 results following the market close on Thursday.

Ginkgo reported Q4 revenue of $34.8 million, down 65% year over year. This result was well below the Wall Street consensus estimate of $42.5 million.

The company posted a fourth-quarter net loss of $211.7 million, or $0.11 per share. The average analyst estimate was for a net loss of $0.10 per share.

Source Fool.com

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