Affymetrix cuts full-year revenue outlook

By Associated Press
July 24, 2008 | Comments (0)

Recs

0

Special Offer!

Jan 12, Motley Fool Pro will accept new members for 10 days only. Your spot is reserved! To learn more, click below.

Motley Fool Pro

Affymetrix Inc., which makes the GeneChip system for genetic data analysis, cut its full-year revenue outlook because of weakness in its pharmaceutical business, sending shares in a nosedive during after-hours trading.

The company now expects full-year revenue between $455 million and $60 million, down from prior guidance of between $490 million and $510 million.

Affymetrix logged a one-time intellectual property payment of $90 million in the first quarter, which is included in the revenue guidance.

Analysts polled by Thomson Financial already maintained a lower estimate, with revenue expectations of $393.6 million.

Shares of Affymetrix plunged $1.93, or 19 percent, to $8.46 in after-hours trading after falling 14 cents to close at $10.39.

Read/Post Comments (0) | Recommend This Article (0)

Comments from our Foolish Readers

Help us keep this a respectfully Foolish area! This is a place for our readers to discuss, debate, and learn more about the Foolish investing topic you read about above. Help us keep it clean and safe. If you believe a comment is abusive or otherwise violates our Fool's Rules, please report it via the Report this Comment icon found on every comment.

Be the first one to comment on this article.

Compare Brokers

DocumentId: 692594, ~/articles/articlehandler.aspx, 1/8/2009 4:12:43 AM

Sign up for FREE Motley Fool site access to keep reading:

“Affymetrix cuts full-year revenue outlook”

Signing up allows you to comment on articles and on the discussion boards.

It's completely FREE and will take only 10 seconds.

Privacy / Legal Information

We will use your email address only to keep you informed about updates to our web site and about other products and services that we think might interest you. The Motley Fool respects your privacy. Please read our Privacy Statement

Report This Comment

Use this area to report a comment that you believe is in violation of the community guidelines. Our team will review the entry and take any appropriate action.