Market Commentary and Intraday News
Affymetrix expects 3Q revenue below Street's view
228 days ago
(AP:SANTA CLARA, Calif.) Life science instrument company Affymetrix anticipates that its third-quarter revenue will come in below Wall Street's expectations, as its results were hurt by tighter academic funding conditions globally.
Affymetrix Inc. said Monday that it anticipates quarterly revenue of about $80 million, with approximately $18 million coming from its eBioscience business.
Analysts polled by FactSet expect revenue of $84.6 million.
The company said that the tighter funding conditions mostly hurt its gene expression and eBioscience divisions.
President and CEO Frank Witney said in statement that Affymetrix now expects its 2012 revenue will be flat to slightly down from the prior year due to concerns about the tighter funding conditions and a weaker euro. The Santa Clara, Calif.-based company had 2011 revenue of $267.5 million.
Affymetrix will report its third-quarter financial results on Oct. 31.
Affymetrix shares finished at $4.31 on Friday. Its shares are up 22 percent from a low of $3.52 on Aug. 23. They traded as high as $5.95 last October.
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