After-Hours Action: Why Ginkgo Bioworks Stock Is Sliding

Shares of cell programming platform company Ginkgo Bioworks Holdings Inc DNA are moving lower after hours on the heels of a wider-than-expected quarterly loss. 

• Q1 Revenue: $80.7 million beat estimates of $71.68 million
• Q1 EPS: Loss of 11 cents missed estimates for loss of 9 cents

Ginkgo ended the quarter with approximately $1.2 billion in cash and equivalents, which is expected to provide the company with a "multi-year runway and a margin of safety in an otherwise challenging market environment."

Ginkgo said it added 13 new cell programs in the first quarter, up 18% year-over-year. 

"There is no doubt that we are going to be living in a challenging market environment for a while, but Ginkgo was built for these moments — we have worked hard to give ourselves a margin of safety so that we can relentlessly focus on our mission to make biology easier to engineer," said Jason Kelly, co-founder and CEO of Ginkgo.

FY23 Outlook: Ginkgo continues to expect to add 100 new cell programs to its platform this year. Full-year revenue is expected to be at least $275 million.

See Also: Why Unity Software Stock Is Rising After Hours

DNA Price Action: Ginkgo Bioworks shares were down 8.89% after the bell at $1.23 at the time of publication, per Benzinga Pro.

Photo: Arek Socha from Pixabay.