On August 7, 10x Genomics, Inc. fell 5.7% in pre-market trading, trading at $43.0/share, with turnover of $27,500. The decline was triggered by the company's Q2 earnings report released after the prior session's close, which revealed significant year-over-year deterioration in fundamentals despite headline beats on estimates.

Specifically, 10x Genomics, Inc. posted a Q2 loss of $0.14 per diluted share, swinging from earnings of $0.28 a year earlier. While the loss was narrower than the FactSet consensus estimate of a $0.24 loss, the reversal from profitability alarmed investors. Revenue for the quarter ended June 30 came in at $151.0 million, beating the $146.7 million estimate but declining 12.7% from $172.9 million in the year-ago period. The company raised its full-year guidance to $610 million to $630 million, up from prior guidance of $600 million to $625 million, compared with the analyst consensus of $613.7 million.

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