Late Wednesday, Illumina (ILMN) reported adjusted earnings of 32 cents per share on $1.18 billion in second-quarter sales. In response, ILMN stock plunged.
On average, analysts surveyed by FactSet expected Illumina to earn 2 cents per share and report $1.16 billion in sales.
In the year-earlier period, the DNA-sequencing giant reported 57 cents in earnings per share and had $1.16 billion in sales.
For the year, Illumina predicted adjusted earnings of 75 cents to 90 cents per share and 1% sales growth. ILMN stock analysts predicted earnings of $1.27 a share on nearly $4.9 billion in sales.
The company cautioned sales in the second year will be negatively impacted by customer caution, a slower recovery in China and a larger decline in consumable instruments as customers move to Illumina’s new DNA-reading system, NovaSeq X.
In after-hours trading on the stock market today, ILMN stock dropped 5.9% to 173.70.
More to follow.
Follow Allison Gatlin on Twitter at @IBD_AGatlin.
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