Illumina commenced headcount reduction, sees further job cuts in Q3

On June 21, Illumina commenced a headcount reduction as part of a multiyear plan to realign its operating expenses while maintaining focus on its innovation roadmap and sustainable long-term growth. The Company expects further headcount reduction in the third quarter, intends to reduce its global real estate footprint and associated costs, and is taking other meaningful actions to reduce its expense base. The Company has committed to reduce its annualized run rate expenses by more than $100M in 2023. Comments from a company 8K regulatory filing.