UPDATE 1-Illumina to cut 200 jobs to reduce cost
Oct 26 (Reuters) - Illumina Inc said it will cut about 8 percent jobs, or about 200 employees, a day after the gene sequencing device maker posted disappointing quarterly results and planned to realign its cost structure.
The company is going through a rough patch as the U.S. government reduces its funding to academic and research institutes that are a major part of Illumina's customer base.
On Tuesday, Illumina said it expected restructuring-related charges of about $15-$17 million, most of which will be recorded in the fourth quarter.
Illumina expects the actions related to the job cuts and cash expenditures for restructuring related charges will be mostly completed during 2011.
The company's shares were up 2 percent at $31.45 in early trade on Nasdaq. (Reporting by Esha Dey in Bangalore; Editing by Maju Samuel)
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