Illumina 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