Illumina Beats; Shares Pop (ILMN)

Illumina Inc. ILMN reports Q2 earnings of $0.26 versus estimates of $0.23. Illumina Inc. reports Q2 revenues of $212 million versus estimates of $193.89 million. Revenues increased 31.2% year over year. The company said that FY2010 EPS would be in the range of $0.93 to $1.00 on revenues of roughly $852 million. This compares to the Street consensus of $0.99 per share on revenue of $823.72 million. The company also received authorization from the Board of Directors for a $200 million stock buyback program, with $100 million allocated to repurchasing common stock under a 10b5-1 plan over the next 12 months and $100 million allocated to repurchasing common stock at management's discretion during open trading windows. Shares of ILMN are higher in the after-hours by 4.44%