PacBio rises on strong preliminary Q1 revenue, layoff plan

Shares of life science co PacBio PACB.O rise 8.8% to $1.30

Co reports preliminary Q1 revenue of $36.9 million vs analysts' average estimate of $33.5 million, according to data compiled by LSEG

Co plans to reduce its headcount and lower adjusted operating expense run-rate by $45 million to $50 million by year-end

"Given the persistent uncertainty surrounding academic and NIH funding, along with the introduction of new tariffs, we are taking strategic steps to reduce spending," CEO Christian Henry says

Up to last close, stock down 34.4% YTD