Why Illumina Stock Is Sinking Today
Shares of Illumina (NASDAQ: ILMN) were sinking by 10.4% as of 11:30 a.m. EDT on Friday following the company's third-quarter earnings announcement after the market closed on Thursday. Although Illumina beat analysts' revenue and earnings estimates and raised its full-year earnings guidance, investors appear to be concerned about uncertainties for the company's near-term growth.
There are plenty of questions for Illumina right now. The company's microarray revenue, which depends largely on sales to direct-to-consumer (DTC) personal genomics customers such as Ancestry and 23andMe, continues to slump. Illumina CEO Francis deSouza acknowledged in the company's Q3 conference call, "[W]e do not expect DTC to return to growth in the near term."
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Source Fool.com
