Gene-sequencing company Illumina Inc. cut its third-quarter revenue guidance and gave a dour view for the current quarter on a bigger-than-feared decline in sales of its high-volume sequencing instruments.

Shares, down 3.7% this year, fell 22% to $144 in recent after-hours trading.

The San Diego, Calif., company now expects revenue of roughly $607 million for the quarter ended in September, compared with its previous projection for revenue between $625 million and $630 million.

Illumina said it also expects fourth-quarter revenue will be flat to slightly higher than during the third quarter. Analysts polled by Thomson Reuters recently expected revenue of $684.6 million.

Write to Tess Stynes at tess.stynes@wsj.com

(END) Dow Jones Newswires

October 10, 2016 18:25 ET (22:25 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
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