Don't touch Illumina Inc yet, more downside very possible. The major damage has been done in NASDAQ:ILMN but further damage is very possible, those that bought the dip today got no reward and will have a anxious wait on monday to see if more downgrades will follow. It will take some time before investors will rush back into the stock as it still carries a very hefty valuation.
The genetics company expects to report second-quarter revenue of approximately $835 million, compared to a $888 million estimate and $830 million in the second quarter of 2018.
The company reports approximately $10 million lower revenue than expected is due to ongoing weakness in the direct-to-consumer market, primarily impacting array services.
“We are obviously disappointed with our second quarter financial results. Our preliminary analysis suggests that these challenges are transitory and do not reflect a macro change to the fundamentals of our business,” said CEO Francis deSouza. “Despite our shortfall this quarter, we remain as enthusiastic about the long-term growth prospects for our markets as we have ever been, and are committed to setting the industry’s bar for consistency and execution in the dynamic and rapidly growing world of genomics."
source Benzinga
