Illumina announces job cuts, to exit San Diego i3 campus
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Illumina (NASDAQ:ILMN) said on Monday that it had started layoffs as part of a multiyear plan to realign its operating expenses. 
The company had committed to reducing its annualized run rate expenses by more than $100 million in 2023, it disclosed in a SEC filing. 
Illumina said it will exit its i3 campus in San Diego, California, and is considering options with regards to its campus in Foster City, California. It carries assets on its balance sheet related to these campuses valued at about $60 million and $186 million, respectively.
The gene sequencing company expects further job cuts in the third-quarter, and is taking other steps to reduce its expenses. 
It expects charges of about $25 million - $35 million in connection with the layoffs started on June 21, and the additional layoffs this year. Illumina expects to incur the majority of these charges in the second-quarter.