The 'realignment' was announced weeks ago, with scant details of the upcoming layoffs.
company, announced it is laying off more than 700 employees at its headquarters.
The layoffs at Invitae are part of a larger corporate restructuring in which more than 1,000 employees, constituting roughly a third of the company's staff, are set to be laid off over the next year. Invitae announced the “realignment” on July 18 after it was approved by the company’s board of directors two days prior.
The genetic testing company, headquartered in Potrero Hill, plans to cut its international presence by “exiting certain territories and countries where the Company’s business is less developed,”. The company will also “consolidate underutilized office and laboratory space,” possibly in its Potrero Hill office and laboratory.
While this “realignment” will cost Invitae up to $100 million, the hope is that it will lead to $326 million in cash savings by 2023 and allow the company to have cash on hand through 2024. The company had $136 million in revenue this last quarter.that the layoffs will take place in five phases between mid-September and June 2023 and will affect everyone from scientists and software engineers to customer service and marketing staff.
Deutschland Neuesten Nachrichten, Deutschland Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
San Francisco taxi drivers prepare for first-in-the-nation Uber partnershipWhatever happens in San Francisco, it will likely 'be a bellwether for other cities and states,' said Matt Daus, president of the International Association of Transportation Regulators.
Weiterlesen »
San Francisco road-rage incident ends with Market Street crash; 2 detainedPolice in San Francisco on Wednesday confirmed two people were detained following a road-rage incident that included shots fired before a pursuit and crash.
Weiterlesen »
San Francisco jazz club vandalized then looted following police responseThe Black Cat in San Francisco's Tenderloin District was the target of vandalism and hours-long looting spree Monday morning.
Weiterlesen »
Motional Expands Autonomous Vehicle Testing Into San FranciscoOn any given day, Motional robotaxis may be seen on test drives in numerous cities in the United States, as well as Asia, including Boston, Pittsburgh, Las Vegas, Santa Monica, and Singapore. In addition to
Weiterlesen »
Missing NorCal woman seen on camera in San FranciscoThe woman recently reported a threat on her life.
Weiterlesen »
Hardly Strictly Bluegrass brings the funk and the folks to San FranciscoHardly Strictly Bluegrass, is hardly strictly for San Franciscans. The festival, in its over two decades of melody mayhem, has grown into a “world-renowned three-day festival that attracts a half
Weiterlesen »