Illumina shares tank after big revenue miss

Illumina shares tank after big revenue miss

Article Link: Illumina shares tank after big revenue miss

Illumina‘s stock plunged nearly 24 percent Tuesday after the diagnostic test maker reported preliminary first-quarter revenue well below expectations.

The firm said it expects revenues of $572 million, well below the $596 million originally forecast, citing weak device sales.

Illumina added it sees 2016 revenue growth of 12 percent, its slowest in four years.

The company’s stock has taken a beating this year, falling 28 percent.

ILMN in 2016

— Reuters contributed to this report.



Source: CNN Investing