06:07 PM EDT, 05/09/2024 (MT Newswires) -- Ginkgo Bioworks Holdings ( DNA ) reported a Q1 loss Thursday of $0.08 per diluted share, compared with the loss of $0.11 a year earlier.

Analysts polled by Capital IQ expected a loss of $0.08.

Revenue in the quarter ended March 31 fell to $38 million from $80.7 million a year earlier.

Analysts surveyed by Capital IQ expected $46 million.

The company reduced 2024 revenue guidance to $170 million to $190 million from $215 million to $235 million. Analysts polled by Capital IQ expect $223.2 million.

To achieve adjusted EBITDA breakeven by the end of 2026, the company plans to cut $200 million in annualized run-rate operating expenses by mid-2025 with a substantial reduction in 2024

To shed costs, labor expenses will be reduced by least 25% across general and administrative, along with research and development, including a cut in the workforce, the company said.

The company also plans to consolidate foundry operations into a small number of core facilities, possibly reducing physical holdings and associated expenses by up to 60%

Ginkgo Bioworks ( DNA ) shares fell 11% in after-hours trading.

Price: 0.8220, Change: -0.10, Percent Change: -10.65