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23andMe Co-Founder and CEO Anne Wojcicki speaks onstage during TechCrunch Disrupt SF 2017 at Pier 48 on September 19, 2017 in San Francisco, California.

Steve Jennings

Shares of the genetic testing company 23andMe sank 21% Thursday, a day after the company reported dismal third-quarter fiscal 2024 results and discussed splitting itself in two to help juice its stock price.

23andMe reported revenue of $45 million for the quarter, down from the $67 million it reported in the same period last year. The company said its net loss for the quarter was $278 million, which is steeper than the net loss of $92 million it reported in the year-ago quarter.

The stock was trading at around 56 cents on Thursday.

In November, 23andMe received a deficiency letter from the Nasdaq Listing Qualifications Department giving the company 180 days to bring its share price back above $1, according to a filing with the U.S. Securities and Exchange Commission. If 23andMe fails to comply, it will be delisted from the exchange.

During 23andMe’s quarterly call with investors, co-founder and CEO Anne Wojcicki said the company is considering splitting up its consumer and therapeutics businesses to help expand its investor base.

“We have not made any definitive decisions about what we are going to do, but there [are] definitely opportunities and things that we are exploring with potentially having therapeutics be independent versus consumer,” she said. 

Founded in 2006, 23andMe exploded in popularity because of its at-home DNA testing kits that give consumers insights into their ancestry and genetic profiles. The five-time CNBC Disruptor 50 company went public in 2021 via a merger with a special purpose acquisition company, a deal that valued the company at around $3.5 billion.

Wojcicki, the former spouse of Google founder Sergey Brin, briefly reached billionaire status after the IPO, landing spots on Forbes’ “Power Women” and “America’s Self-Made Women” lists.

But 23andMe has struggled to generate steady recurring revenue since consumers only needed to take its DNA test once in order to receive their results. The company has launched additional therapeutics and research businesses, but its share price has tumbled more than 95% from its peak.

For its full fiscal year in 2024, 23andMe said it expects to report revenue between $215 million and $220 million, down from the $240 million to $250 million range the company guided last quarter.

23andMe is also facing mounting legal troubles as it faces more than 30 class action lawsuits following a data breach it disclosed late last year. Hackers accessed sensitive information like names, ancestry reports, birth years and more from up to 6.9 million individuals, a spokesperson confirmed to TechCrunch.

CFO Joe Selsavage said the company has incurred $2.7 million in expenses to date related to the data breach.

“We now require two-factor authentication from all of our customers, and we realized that our business really runs on the trust of our customers,” Selsavage said during the earnings call.

Analysts at Citi said the ongoing class action claims, as well as “persistent headline/reputational risk,” has made them cautious about 23andMe’s outlook, according to a note Thursday. They lowered their target price for the stock to 85 cents from 90 cents.

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Apple’s 3-day loss in market cap swells to almost $640 billion

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Apple's 3-day loss in market cap swells to almost 0 billion

(L-R) Apple CEO Tim Cook, Vivek Ramaswamy and Secretary of Homeland Security Kristi Noem attend the inauguration ceremony before Donald Trump is sworn in as the 47th U.S. President in the U.S. Capitol Rotunda in Washington, D.C., on Jan. 20, 2025.

Saul Loeb | Afp | Getty Images

While the stock market broadly fared better on Monday than in the prior two trading days, Apple got hammered once again, losing 3.7%, as concerns mounted that the company will take a major hit from President Donald Trump’s tariffs.

The sell-off brings Apple’s three-day rout to 19%, a downdraft that has wiped out $638 billion in market cap.

Apple is one of the most exposed companies to a trade war, analyst say, due largely to its reliance on China, which is facing 54% tariffs. Although Apple has production in India, Vietnam and Thailand, those countries also face increased tariffs as part of Trump’s sweeping plan.

Among tech’s megacap companies, Apple is having the roughest stretch. On Monday, the only stocks to drop in that group of seven were Apple, Microsoft and Tesla.

The Nasdaq finished almost barely up on Monday after plummeting 10% last week, its worst performance in more than five years.

Analysts say Apple will likely either need to raise prices or eat additional tariff costs when the new duties come into effect. UBS analysts estimated on Monday that Apple’s highest-end iPhone could rise in price by about $350, or around 30%, from its current price of $1,199.

Barclays analyst Tim Long wrote that he expects Apple to raise prices, or the company could suffer as much as a 15% cut to earnings per share. Apple may also be able to rearrange its supply chain so that imports to the U.S. come from other countries with lower tariffs.

Apple declined to comment on the tariffs.

WATCH: Apple plummets on Trump tariffs

Apple plummets on Trump tariffs: Here's what you need to know

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Apple’s highest-end iPhone could see $350 price hike in U.S. on Trump tariffs, analyst predicts

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Apple's highest-end iPhone could see 0 price hike in U.S. on Trump tariffs, analyst predicts

A customer checks Apple’s latest iPhone 16 Plus (right) and Apple’s latest iPhone 16 Pro Max (left) series displayed for sale at Master Arts Shop in Srinagar, Jammu and Kashmir, on Sept. 26, 2024.

Firdous Nazir | Nurphoto | Getty Images

President Donald Trump’s reciprocal tariffs could lead Apple to raise the price of the iPhone 16 Pro Max by as much as $350 in the U.S., UBS analysts estimated Monday.

The iPhone 16 Pro Max is Apple’s highest-end iPhone on the market, and currently retails for $1,199. UBS is predicting a nearly 30% increase in retail price for units that were manufactured in China.

Apple’s $999 phone, the iPhone 16 Pro, could see a smaller $120 price increase, if the company has it manufactured in India, the UBS analysts wrote.

Shares of Apple have plummeted 20% over the past three trading days, wiping out nearly $640 billion in market cap, on concern that Trump’s tariffs will force the company to raise prices just as consumers are losing buying power.

“Based on the checks we have done at a company level, there is a lot of uncertainty about how the increased cost sharing will be done with suppliers, the extent to which costs can be passed on to end-customers, and the duration of tariffs,” UBS analyst Sundeep Gantori wrote in the note.

Apple, which does the majority of its manufacturing in China, is one of the most exposed companies to a trade war. China has a potential incoming 54% tariff rate — before new increases were proposed Monday. Smaller tariffs were also placed on secondary production locations, such as India, Vietnam and Thailand.

JPMorgan Chase analysts predicted last week that Apple could raise its prices 6% across the world to offset the U.S. tariffs. Barclays analyst Tim Long wrote that he expects Apple to raise prices, or it could suffer as much as a 15% cut to earnings per share.

If Apple were to relocate iPhone production to the U.S. — a move that most supply chain experts say is impossible — Wedbush’s Dan Ives predicts an iPhone could cost $3,500.

Morgan Stanley analysts on Friday said Apple could absorb additional tariff costs of about $34 billion annually. They wrote that although Apple has diversified its production in recent years to additional countries — so-called friendshoring — those countries could also end up with tariffs, reducing Apple’s flexibility.

After last week’s “reciprocal tariff announcement, there becomes very little differentiation in friend shoring vs. manufacturing in China — if the product is not made in the US, it will be subject to a hefty import tariff,” Morgan Stanley wrote.

Last week, the firm estimated that Apple may raise its prices across its product lines in the U.S. by 17% to 18%. Apple could also get exemptions from the U.S. government for its products.

WATCH: Apple plummets on Trump tariffs

Apple plummets on Trump tariffs: Here's what you need to know

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Elon Musk’s brother slams Trump tariffs, calls them ‘permanent tax on the American consumer’

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Elon Musk's brother slams Trump tariffs, calls them 'permanent tax on the American consumer'

Kimbal Musk, co-founder of The Kitchen Community, speaks during the annual Milken Institute Global Conference in Beverly Hills, California, May 3, 2016.

Patrick T. Fallon  | Bloomberg | Getty Images

Elon Musk’s younger brother, Kimbal, took to the social network X on Monday to lambaste President Donald Trump’s tariffs, calling them a “structural, permanent tax on the American consumer.” He also said Trump appears to be the “most high tax American President in generations.”

“Even if he is successful in bringing jobs on shore through the tariff tax, prices will remain high and the tax on consumption will remain the form of higher prices because we are simply not as good at making things,” Kimbal Musk wrote on X, one of the companies in his brother’s extensive portfolio.

The younger Musk owns a restaurant chain called The Kitchen, is a board member at Tesla and a former director at SpaceX and Chipotle. He has also co-founded and invested in other food and tech startups, including Square Roots, an indoor farming company, and Nova Sky Stories, a creator of drone light shows that he bought from Intel.

Elon Musk is a top advisor to Trump, overseeing the so-called Department of Government Efficiency, or DOGE, an effort to drastically cut federal spending, largely through layoffs, and consolidate or eliminate agencies and regulations. However, his relationship with some key figures in the Trump administration has been showing signs of strain in recent days as the president’s sweeping tariffs have led to a dramatic selloff in stocks, including for Tesla, which is down 42% this year and just wrapped up its worst quarter since 2022.

Over the weekend, Elon Musk took aim at Trump trade advisor Peter Navarro, disparaging his qualifications in a post on X.

“A PhD in Econ from Harvard is a bad thing, not a good thing,” Musk wrote, after Navarro told CNN on Saturday that “The market will find a bottom” and that the Dow will “hit 50,000 during Trump’s term.” It’s currently at about 38,200.

Musk also said that Navarro hasn’t built “sh—.” Navarro told CNBC on Monday that Musk is “not a car manufacturer” but rather a “car assembler,” dependent on parts from Japan, China and Taiwan.

Tesla was seeking a more moderate approach to trade and tariffs in a recent letter to the U.S. Trade Representative.

According to Federal Election Commission filings, Kimbal Musk this year has contributed funds to the Libertarian National Committee and Libertarian Party of Connecticut. In 2024, while his brother became the biggest financial backer and promoter of Trump, Kimbal donated to Unite America PAC, a group that markets itself as a “philanthropic venture fund that invests in nonpartisan election reform to foster a more representative and functional government.”

A representative for Kimbal Musk didn’t immediately respond to a request for comment.

WATCH: Tesla Q1 deliveries worse than expected

Tesla Q1 deliveries worse than expected

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