ARTICLE | Financial News

Affymetrix falls on earnings miss, guidance

July 26, 2008 1:11 AM UTC

Microarray company Affymetrix (NASDAQ:AFFX) fell $2.78 (27%) to $7.61 on Friday after reporting 2Q08 financial results late Thursday that missed the Street estimate and lowering its 2008 revenue guidance. The company reported a $0.05 loss per share, down from EPS of $0.02 in 2Q07. The consensus estimate was for EPS of $0.05. Second quarter revenues were $86.9 million, down from $88.3 million in 2Q07 and missing the Street's estimate of $92.2 million. Affymetrix now expects 2008 revenues of $455-$460 million, including a one-time $90 million payment, down from $490-$510 million. The company cited ongoing weakness in its revenues from pharmaceutical companies. ...