Shares of Illumina (NASDAQ:ILMN) experienced a significant decline, dropping over 14% intra-day today, following the announcement of the company’s third-quarter results and a reduction in its guidance.

The company reported an earnings per share (EPS) of $0.33 for the quarter, which was notably higher than the Street estimate of $0.13. Despite this, Illumina’s revenues showed a downward trend, totaling $1.12 billion, a 5% decrease from the previous year and slightly below the Street estimate of $1.13 billion.

Looking ahead to the full fiscal year 2023, Illumina has adjusted its EPS expectations to fall within the range of $0.60 to $0.70. This forecast is lower than the Street estimate of $0.80. In terms of revenue, the company is projecting a decrease of 2% to 3% compared to 2022.

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