23andMe Holding Co.'s stock $(ME)$ turned down early Tuesday, after the DNA-testing company reported fiscal second-quarter earnings, a day after it announced it would cut 40% of its workforce as part of a restructuring aimed at cutting costs. Sunnyvale, Calif.-based 23andMe said its net loss came to $59 million, narrower than the loss of $75 million posted in the year-earlier period. Revenue came to $44 million, down from $50 million a year ago. FactSet analysts no longer offer estimates for the company, which has seen it value plunge 98% from its 2021 peak to about $116 million as of Monday. In September, 23andMe's independent board members resigned en masse over a dispute with co-founder and Chief Executive Anne Wojcicki's plans to take the company private. Last month, it made moves to rebuild its board and underwent a 1-for-20 stock split for its Class A and B shares. The job cuts will impact about 200 employees. The stock rose more than 5% in after-hours trading Monday but was down 0.2% Tuesday. The stock has fallen 75% in the year to date, while the S&P 500 has gained 25.8%.

-Ciara Linnane

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November 12, 2024 07:40 ET (12:40 GMT)

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