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Carl Icahn calls Illumina Q1 results ‘very disappointing,’ slams cost-cutting plan - TL;DR CNBC

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

Tickers: ILMNIEP

Keywords: breaking newsbiotech and pharmaceuticalsfederal trade commissioncarl icahncourtsbreaking news: businesshealth care industryillumina incbusinessmarketsicahn enterprises lpgenetic testingbiotechnologycancerlawsearningsbusiness news

Source: https://www.cnbc.com/2023/04/28/carl-icahn-slams-illumina-q1-results-and-cost-cutting-plan.html


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