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After-Hours Alert: Why Illumina Stock Is Plunging

Stock Markets Aug 11, 2022 22:10
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© Reuters. After-Hours Alert: Why Illumina Stock Is Plunging
 
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Illumina Inc (NASDAQ: NASDAQ:ILMN) shares are tanking in Thursday's after-hours session after the company reported worse-than-expected financial results and issued weak guidance.

Illumina said second-quarter revenue increased 3% year-over-year to $1.16 billion, which missed average analyst estimates of $1.22 billion, according to Benzinga Pro. The company reported quarterly adjusted earnings of 57 cents per share, which missed average analyst estimates of 65 cents per share.

"Our second quarter results did not meet our expectations as challenges in a complex macroeconomic environment more than offset the growth we continue to see in sequencing runs on our platforms," said Francis deSouza, CEO of Illumina.

Illumina said it now expects full-year 2022 revenue growth to be between 4% and 5% year-over-year. Full-year adjusted earnings are now expected to be between $2.75 and $2.90 per share versus average analyst estimates of $4.12 per share.

"At our upcoming Illumina Genomics Forum and Investor Day events, we look forward to showcasing our breakthrough technologies that demonstrate the power and potential of genomics," deSouza said.

Illumina provides tools and services to analyze genetic material with life science and clinical lab applications.

See Also: Why LegalZoom Stock Is Falling After Hours

ILMN Price Action: Illumina has a 52-week high of $427.99 and a 52-week low of $173.45.

The stock was down 22.3% in after-hours at $177 at press time.

Photo: courtesy of Illumina.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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After-Hours Alert: Why Illumina Stock Is Plunging
 

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