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Illumina Inc (NASDAQ:ILMN) shares are trading lower after the company reported preliminary second-quarter sales below analyst estimates.
The genetics company expects to report second-quarter revenue of approximately $835 million, compared to a $888 million estimate and $830 million in the second quarter of 2018.
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The company reports approximately $10 million lower revenue than expected is due to ongoing weakness in the direct-to-consumer market, primarily impacting array services.
“We are obviously disappointed with our second quarter financial results. Our preliminary analysis suggests that these challenges are transitory and do not reflect a macro change to the fundamentals of our business,” said CEO Francis deSouza. “Despite our shortfall this quarter, we remain as enthusiastic about the long-term growth prospects for our markets as we have ever been, and are committed to setting the industry’s bar for consistency and execution in the dynamic and rapidly growing world of genomics."
On Friday, Bank of America downgraded Illumina from Buy to Underperform.
Illumina shares were trading down 15.31% at $308 on Friday’s pre-market session. The stock has a 52-week high of $380.76 and a 52-week low of $268.62.
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New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.