Illumina is expecting its core revenue to sink this year, compared with prior expectations of flat year-on-year revenue, as the company faces challenging macro conditions. The gene-sequencing company also now projects a steeper loss on the year despite its quarterly loss narrowing in the third quarter. Illumina shares drop 8.6% to $97.81 after-hours. The company reinstates guidance for the fourth quarter and says it expects a drop in revenue of 7% to 14%. Shares tumble 36% to $8.69 after-hours.

Source: Wall Street Journal November 10, 2023 02:01 UTC