Illumina (Nasdaq: ILMN) reported earnings on July 24. Here are the numbers you need to know.

The 10-second takeaway
For the quarter ended July 1 (Q2), Illumina met expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue dropped slightly and GAAP earnings per share dropped significantly.

Gross margins grew, operating margins dropped, and net margins shrank.

Revenue details
Illumina recorded revenue of $280.6 million. The 19 analysts polled by S&P Capital IQ predicted a top line of $278.5 million on the same basis. GAAP reported sales were 2.4% lower than the prior-year quarter's $287.5 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
EPS came in at $0.40. The 23 earnings estimates compiled by S&P Capital IQ predicted $0.36 per share. GAAP EPS of $0.18 for Q2 were 18% lower than the prior-year quarter's $0.22 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
For the quarter, gross margin was 69.9%, 160 basis points better than the prior-year quarter. Operating margin was 16.6%, 980 basis points worse than the prior-year quarter. Net margin was 8.3%, 240 basis points worse than the prior-year quarter.

Looking ahead
Next quarter's average estimate for revenue is $284.1 million. On the bottom line, the average EPS estimate is $0.37.

Next year's average estimate for revenue is $1.14 billion. The average EPS estimate is $1.51.

Investor sentiment
The stock has a four-star rating (out of five) at Motley Fool CAPS, with 670 members out of 716 rating the stock outperform, and 46 members rating it underperform. Among 181 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 173 give Illumina a green thumbs-up, and eight give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Illumina is outperform, with an average price target of $50.39.