Carl Icahn calls Illumina Q1 results ‘very disappointing,’ slams cost-cutting plan
Publishing timestamp: 2023-04-28 16:05:31
Summary
Activist investor Carl Icahn criticized Illumina's first-quarter results and accused CEO Francis deSouza of downplaying the company's "decidedly mediocre" performance. Icahn, who owns a 1.4% stake in Illumina, is in a proxy fight with the company over its acquisition of cancer test developer Grail. He is seeking seats on Illumina's board of directors and pushing the company to unwind the Grail acquisition and oust deSouza. Icahn also criticized Illumina's cost-cutting plans and called them "vague" and "extraordinarily unambitious." Illumina reported quarterly revenue and earnings that topped Wall Street's expectations, but net income was down more than 96% from the same period a year ago.
Sentiment: NEGATIVE
Keywords: breaking news, biotech and pharmaceuticals, federal trade commission, carl icahn, courts, breaking news: business, health care industry, illumina inc, business, markets, icahn enterprises lp, genetic testing, biotechnology, cancer, laws, earnings, business news,
Source: https://www.cnbc.com/2023/04/28/carl-icahn-slams-illumina-q1-results-and-cost-cutting-plan.html