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BUZZ-Illumina rises on $100 million cost reduction plan

Reuters
Mar 11, 2025
BUZZ-<a href="https://laohu8.com/S/ILMN">Illumina</a> rises on $100 million cost reduction plan

** Shares of gene sequencing equipment maker Illumina ILMN.O rise 3.7% in extended trading

** Company to cut $100 million in spending after China announced a ban on imports of its genetic sequencing instruments

** ILMN says that the savings would mitigate the impact of a potential reduction in revenue and related operating income from the company's Greater China business

** Company also lowered its 2025 forecast for adjusted profit to be about $4.50 per share compared with a prior view of $4.50 to $4.65 per share

** "Our new fiscal 2025 guidance provides for limited further earnings contribution from China, and assumes a continuation of the macro trends we see today," said CFO Ankur Dhingra

** Up to last close, stock down 35.7% YTD

(Reporting by Pooja Menon in Bengaluru)

((Pooja.Menon@thomsonreuters.com))

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