Illumina Reports Drop in 2Q Results Amid Pandemic -- Earnings Review
August 06 2020 - 4:41PM
Dow Jones News
By Maria Armental
Illumina Inc. reported a bigger-than-expected drop in
second-quarter results amid the coronavirus pandemic. Here's what
you need to know:
PROFIT: Net income fell to $47 million, or 32 cents, from $296
million, or $1.99 a share, a year earlier. On an adjusted basis,
profit fell to 62 cents a share from $1.35 a share a year earlier.
Analysts surveyed by FactSet expected 60 cents a share, or 67 cents
on an adjusted basis.
REVENUE: Total revenue fell to $633 million from $838 million a
year earlier. Analysts expected $679.6 million.
OUTLOOK: Illumina had withdrawn financial projections for the
year, citing uncertainty about the business impact from the
pandemic.
PANDEMIC: Company officials have pointed to impact on shipments,
for example. On Thursday, Chief Executive Francis deSouza said in a
statement: "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."
Write to Maria Armental at maria.armental@wsj.com
(END) Dow Jones Newswires
August 06, 2020 16:26 ET (20:26 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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