Affymetrix Lowers Full-Year Outlook
Monday April 14, 4:38 pm ET
Affymetrix Expects 1st-Quarter Revenue to Miss Wall Street Forecast, Lowers Full-Year Outlook
SANTA CLARA, Calif. (AP) -- Affymetrix Inc., which makes the GeneChip system for genetic data analysis, on Monday lowered its full-year outlook, sending shares tumbling in after-hours trading.
Shares dove $2.43, or 15 percent, to $13.90 after market close, after falling 15 cents to close the regular trading session at $16.33.
The company expects to report first-quarter revenue of about $170 million, including $90 million from a previously announced lawsuit settlement. Analysts polled by Thomson Financial expect revenue excluding one-time items of $92.5 million.
For the full year, the company cut its revenue guidance to between $490 million and $510 million from a prior range of $505 million and $525 million, citing lower research spending by pharmaceutical and industrial customers. Analysts are expecting revenue excluding settlements of $421.1 million.
The company said it is currently reviewing ways to further reduce operating expenses to offset the impact of this revenue shortfall.
First-quarter results will be released April 24. |
