23andMe reports sales decline day after announcing plans to cut 40% of workforce

Core Points - 23andMe reported a revenue decline of 11.8% in the fiscal second quarter, with revenue at $44.1 million compared to $50 million in the same period last year [1] - The company announced a workforce reduction of over 200 jobs, representing a 40% cut, and is discontinuing all therapeutics programs [2] - The net loss for the quarter narrowed to $59.1 million, or $2.32 per share, down from a loss of $75.27 million, or $3.17 per share, a year ago [1] - The company is exploring strategic options such as asset sales and licensing agreements to maximize the value of its therapeutic programs [2] - 23andMe's shares have decreased by 75% this year, with a market cap nearing $100 million [4] - The company has faced governance challenges, with all seven independent directors resigning in September due to disagreements with the CEO regarding the strategic direction [5] - The CEO has expressed intentions to take the company private, although this was not addressed in the latest announcements [6]