Illumina starts job cuts, exit office space to rein in costs By Reuters

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<span>© Reuters. FILE PHOTO: A sign at the front entrance to the global headquarters of Illumina is pictured in San Diego, California, U.S., November 28, 2022. REUTERS/Mike Blake/File Photo</span><br />
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<p>(Reuters) -Illumina Inc has commenced job cuts, the genetic sequencing equipment maker said on Monday, as it looks to cushion the impact of sticky inflation and a strong dollar on its business. </p>
<p>The company also intends to further cut workforce in the third quarter and exit its office in California as part of a plan to reduce annualized run rate expenses by more than $100 million in 2023.</p>
<p>Illumina (NASDAQ:), which had engaged in a proxy battle with activist investor Carl Icahn, earlier this month said CEO Francis deSouza had stepped down.</p>
<p>The reduction in workforce commenced on June 21 and will result in charges of about $25 to $35 million, the company said, with majority incurred in the second quarter.</p>
<p>Illumina’s core global workforce comprised about 10,200 full-time employees as of Jan. 1, according to a regulatory filing.</p>
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<br /><a href="https://www.investing.com/news/stock-market-news/illumina-starts-job-cuts-3113642">Source link </a></p><p>The post <a href="https://forextraderhub.com/illumina-starts-job-cuts-exit-office-space-to-rein-in-costs-by-reuters.html">Illumina starts job cuts, exit office space to rein in costs By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>