23AndMe lays off 100 as demand for DNA testing declines

Credit: DaytonDailyNews

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23AndMe lays off 100 as DNA testing demand declines

Credit: DaytonDailyNews

Citing declining sales, home DNA-testing company 23andMe announced plans Thursday to layoff 100 employees, or roughly 14 percent of its staff.

According to CNBC, the company plans in the coming months to tighten its focus on the direct-to-consumer business as well as its therapeutics division, while scaling back its clinical studies segment. At least some of the layoffs will affect the 23andMe's operations team.

"This has been slow and painful for us," 23andMe CEO Anne Wojcicki told CNBC.

According to CNN, the company has raised hundreds of millions of dollars in venture capital and rates as one of technology's "unicorn" companies, or startups valued at $1 billion or more.

Wojcicki told both outlets she considered the market swing “shocking” and said everything from privacy concerns to public fear of an economic downturn could be driving the downward shift.

Read more here and here.

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