Illumina shares tank after sequencing giant falls short on revenue
Illumina CEO Francis deSouza got to start off his new job with the unenviable task of pre-reporting an ugly set of quarterly sales numbers.
The genomic sequencing giant $ILMN recorded a 26% decline in revenue from high throughput sequencing instruments, which matched the decline in its share value as investors got a chance to assess disappointing numbers that fell well short of expectations.
Illumina came up with a preliminary projection of $607 million in third quarter sales, which also fell behind its own, earlier projections of $625 to $630 million.
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