Illumina 1Q Profit, Revenue Drops
Dow Jones2023-04-26
Illumina Inc. reported an expected drop in earnings and revenue for the first quarter as its costs rose and margins tightened.
The maker of gene-sequencing machines posted a profit of $3 million, or 2 cents a share, compared with $86 million, or 55 cents a share, in the same quarter a year ago.
Stripping out one-time items, adjusted earnings were 8 cents a share. Analysts polled by FactSet had been expecting 1 cent a share.
Revenue came in at $1.09 billion, down from $1.22 billion in the year-ago period but above analyst expectations for $1.07 billion, according to FactSet.
Shares fell 1.69% to $2153 in after-hours trading.
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