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Illumina Cuts FY Forecast; Shares Tank 22%

Shares of Illumina, Inc. (ILMN) tanked over 22% in extended trading session on Thursday after the company lowered its outlook for the full year.

The company now expects full-year revenue to grow 4% to 5%, loss of $2.93 to $2.78 per share and adjusted earnings of $2.75 to $2.90 per share.

Previously, the company expected revenue guidance growth of 14% to 16%, earnings of $2.33 to $2.53 per share and adjusted earnings of $4.00 to $4.20 per share.

"Our second quarter results did not meet our expectations as challenges in a complex macroeconomic environment more than offset the growth we continue to see in sequencing runs on our platforms," said CEO Francis deSouza.

ILMN closed Thursday's trading at $227.44, up $0.14 or 0.06%, on the Nasdaq. The stock, however, slipped $50.99 or 22.42%, in the after-hours trading.

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