Why Illumina Stock Is Plunging Today

Healthcare giant Illumina (NASDAQ: ILMN) reported its second-quarter financial results after the market closed on Thursday. The company's update showed that its performance during the period came short of expectations. As a result, investors are selling off shares of Illumina today, and its stock is down by 13.1% as of 12:51 p.m. EDT.

During the second quarter, Illumina recorded revenue of $633 million -- a 25% year-over-year decrease -- which is what analysts were expecting on average. Also, the company recorded a non-GAAP (adjusted) net income of $92 million, or $0.62 on a per-share basis. During the prior-year quarter, Illumina had recorded a non-GAAP net income of $200 million and earnings per share (EPS) of $1.35. Note that, on average, analysts were expecting the company's non-GAAP EPS to come in at $0.67.

Francis deSouza, CEO of Illumina, said, "As expected, the second quarter was significantly impacted by pandemic-related disruption in our customers' operations and was particularly challenging for many of our research customers who remain closed or operating at limited scale."

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Source Fool.com