23andMe's stock turns lower after company posts its latest quarterly loss
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23andMe's stock initially rose on news of a 40% workforce reduction as part of a restructuring plan, but later turned lower after the company reported its latest quarterly loss.
November 12, 2024 | 1:30 pm
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23andMe's stock initially gained on news of a significant workforce reduction, indicating cost-cutting measures, but later declined after reporting a quarterly loss.
The initial stock gain was due to the announcement of a 40% workforce reduction, which investors may have seen as a positive cost-cutting measure. However, the subsequent quarterly loss report likely overshadowed this news, leading to a decline in stock price as investors reacted to the financial performance.
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