Shares for San Diego-based genetic sequencing giant Illumina Inc. rose 11 percent following the company’s announcement that it has seen better-than-expected quarterly growth.
The company’s net income increased 53 percent for the second quarter, growing from $23.4 million in 2012 to $35.9 million this year. Second quarter revenue climbed 23 percent to $346 million.
This beat analyst projections, which had predicted the company would show revenue of about $332 million, according to a poll from Thomson Reuters.
The company’s stock price spiked nearly 11 percent in day trading, rising from $73.77 to $81.56 after it released second quarter results. Its market capitalization was $10.14 billion at market close July 24.
Illumina said it has since readjusted its yearly revenue projections, expecting a 20 percent revenue growth in 2013 as opposed to 15 percent, which it had said previously.
The company’s stock is up by a third this year, as it was trading at $55.59 on Dec. 31, 2012.
— Meghana Keshavan