Ginkgo Bioworks Holdings Inc. (DNA) stock plummeted 5.05% in pre-market trading on Thursday after reporting disappointing 2024 full-year earnings results.
The biotech company reported a net loss of $547 million for the fiscal year 2024, although this represented a 39% narrowing from the previous year. However, revenue declined by 9.7% year-over-year to $227 million, missing analyst expectations.
Looking ahead, Ginkgo Bioworks projected an average revenue decline of 2.5% per year over the next three years, underperforming the expected 4.4% growth for the broader US chemicals industry. The company's shares have fallen 28% over the past week, reflecting investors' concerns about its financial performance and growth prospects.
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