** 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
(Reporting by Pooja Menon in Bengaluru)
((Pooja.Menon@thomsonreuters.com))
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.