The gene-sequencing company cut its financial forecasts, prompting analysts to cut their targets for the stock price.
Illumina stock was sliding Friday after the gene-sequencing company slashed its financial forecasts, prompting analysts to lower their targets for the price.
Illumina also reported third-quarter earnings of 33 cents a share on revenue of $1.12 billion. Analysts surveyed by FactSet were expecting earnings of 14 cents a share from revenue of $1.13 billion. “Illumina maintains that the Commission does not have jurisdiction over this acquisition. The company’s jurisdictional challenge remains pending at the European Court of Justice,” the company said in a news release in October. But on the company’s earnings call on Thursday, Thaysen confirmed the divestiture process has begun.
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Illumina Inc. shares fall after cutting sales and profit outlookBill Peters is a Los Angeles-based MarketWatch reporter who covers earnings.
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