23andMe cuts 40% of staff in restructuring
Portfolio Pulse from
23andMe is cutting 40% of its workforce, over 200 employees, as part of a restructuring plan. The company is discontinuing its therapeutics business and winding down clinical trials, aiming to save $35 million annually.
November 12, 2024 | 11:00 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
23andMe is undergoing significant restructuring, cutting 40% of its workforce and discontinuing its therapeutics business, aiming to save $35 million annually.
The decision to cut 40% of the workforce and discontinue the therapeutics business indicates a major shift in 23andMe's business strategy. This could lead to short-term negative sentiment as the market reacts to the downsizing and potential loss of future revenue streams from the therapeutics sector.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100