Shares of Illumina Inc. (ILMN) tumbled about 6% in morning trading on Tuesday, the day after the company said it expects lower-than-expected earnings per share of of $1.25 to $1.50 in 2023.
The FactSet consensus is $2.67. Illumina also said it expects revenue growth of 7% to 10% this year. Analysts had been expecting a 10% bump in revenue.
"The company is now issuing a more cautious outlook," J.P. Morgan analysts told investors on Monday. "The significantly lowered guidance is attributed to conservatism around macro headwinds."
llumina's stock is down 42.8% over the past 12 months, while the S&P 500 is down 16.8%.
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