Stock Track | 10x Genomics Stock Plunges After Q3 Results Miss Estimates, Guidance Cut

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Shares of 10x Genomics, Inc. (TXG) plummeted over 7% in after-hours trading on Sunday after the life science technology company reported disappointing third-quarter results and slashed its full-year revenue guidance.

For the quarter ended September 30, 2024, 10x Genomics posted revenue of $151.7 million, a 1% decrease from the same period last year. This missed Wall Street's expectations, as analysts were forecasting revenue of around $158.6 million. The company's Q3 operating loss came in at $41.5 million, wider than analysts' estimates of around $43.9 million.

Citing greater-than-anticipated disruption from a sales restructuring implemented in the quarter and cautious customer spending, CEO Serge Saxonov acknowledged, "Our results this quarter fell short of our expectations." He also pointed to the "difficult macro backdrop" as a factor behind the disappointing performance. Looking ahead, 10x Genomics lowered its full-year 2024 revenue guidance to a range of $595 million to $605 million, down from its previous expectations of $640 million to $660 million.

Despite the challenges, Saxonov expressed confidence that the steps being taken will enable the company to reach more customers and drive the broad democratization of its technologies to reach the full potential of the large opportunity ahead.

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(TXG) plummeted over 7% in after-hours trading on Sunday after the life science technology company reported disappointing third-quarter results and slashed its full-year ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"TXG","symbol_name":"10x Genomics, Inc.","start_time":0,"source_url":"","article_id":"1131753967","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1131753967","pubTimestamp":1730251262,"sourceInfo":{"source_id":"ai_movement_en","name":"Stock Track"},"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Shares of 10x Genomics, Inc.  plummeted over 7% in after-hours trading on Sunday after the life science technology company reported disappointing third-quarter results and slashed its full-year revenue guidance.For the quarter ended September 30, 2024, 10x Genomics posted revenue of $151.7 million, a 1% decrease from the same period last year. 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