Illumina (NASDAQ:ILMN) saw a more than 3% gain intra-day today after the company’s Q2 results announcement.

The company’s adjusted EPS for the quarter exceeded forecasts, reaching 32 cents compared to the expected 2 cents. Revenue for the second quarter reached $1.18 billion, a slight 1.2% increase from the previous year, surpassing the estimated $1.16 billion.

Illumina’s CEO stated that they anticipate a negative impact on second-half revenue due to cautious customer purchasing, slower recovery in China, and a larger-than-expected decline in high throughput consumables as customers transition to the NovaSeq X. In response, they plan to enhance customer support for the NovaSeq X and maintain disciplined expense management.

As a result, the company revised its full-year profit forecast to a range of $0.75 to $0.90, falling short of the Street estimate of $1.33.

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