Shares of Illumina Inc. dropped 22% to $178.32 in after-hours trading on Thursday after the company posted worse-than-expected results for its second quarter and lowered its fiscal-year outlook.
The company swung to a loss of $535 million, or $3.40 a share, compared to a profit of $185 million, or $1.26 a share, a year ago. Analysts polled by FactSet were looking for a profit of 36 cents per share.
Chief Executive Francis deSouza said the company faced macroeconomic challenges that more than offset its growth in sequencing runs on its platforms. It also saw $609 million in legal contingencies, including an accrual of $453 million, for the potential fine that the European Commission may impose on revenues related to a recent settlement.
Illumina on Thursday guided for fiscal-year consolidated revenue growth in the range of 4% to 5%. It also forecast a loss per share in the range of $2.93 to $2.78 and adjusted earnings per share between $2.75 and $2.90 for the year.
In May, it said it was looking for annual consolidated revenue growth between 14% and 16%, as well as earnings per share of $2.33 to $2.53. It also forecast adjusted earnings per share between $4 and $4.20.
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