Illumina Dives as Quarterly Revenue Falls Short of Forecast
- Preliminary results miss July guidance, analysts’ estimates
- Gene-sequencer machine sales fell 26% year-over-year, CEO says
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Illumina Inc. plunged as much as 28 percent, the most in five years, after saying third-quarter sales were lower than it previously anticipated because of declining demand for its high-speed genetic sequencers.
Sales were about $607 million last quarter, the company said Monday in a statement after the markets closed. That’s below Illumina’s July forecast of $625 million to $630 million, and the $628 million average of analysts’ estimates compiled by Bloomberg.