Illumina (ILMN) shares fell to their lo♑west level in a decade after the genetic research equipment manufacturer missed revenue estimates 🍃and slashed its guidance as customers pulled back on spending.

Illumina now expects full-year revenue to fall 2% to 3%, down from its previous estimate of a gain of 1%. It sees 澳洲幸运5开奖号码历史查询:earnings per share (EPS) in a range of $0.60 to $0.70, versus its earlier forecast of $0.75 to $0.90.

CEO Jacob Thaysen, who took on the 🐠role in September, said the macroeconomic environment “remains challenging for our industry and for our customers.” He added customers have become “increasingly cautious and constrained” in their purchasing decisions. 

In the third quarter, Illumina reported sales that 🔯were basically flat at $1.12 billion, slightly below forecasts. EPS came in at $0.🔯33, well above what analysts had anticipated. 

The company also said it recognized $712 million in goodwill and $109 million in intangible 澳洲幸运5开奖号码历史查询:asset impairment related to its G🔯RAIL unit, which it agreed to purchase in 2020 fo🐷r $8 billion.

Illumina closed the deal in 2021 prior to full regulatory approval, and European officials have ordered Illumina to divest GRAIL. The company is appealing the ruling, but Thaysen admitted that the divestiture process had begun. The decision to close on the GRAIL purchase was the source of a 澳洲幸运5开奖号码历史查询:proxy fight led by activist investor 澳洲幸运5开奖号码历史查询:Carl Icahn earlier this year.

Illumina shares were down 8% in late trading Friday, at their lowest levels in a decade. The stock was the worst-performing stock in the S&P 500.