Genetic-testing company 23andMe is laying off hundreds of workers as part of cost-reduction measures, a decision taken amid declining revenues.
“The company is reducing its overall headcount by over 200 employees, representing approximately 40 percent of the workforce,” 23andMe wrote in a Nov. 11 statement. “The business restructuring is expected to substantially reduce operating expenses and result in annualized cost savings of more than $35 million. The company expects to incur up to $12 million in costs and expenses primarily related to one-time severance, transition, and termination-related costs.”
