Affymetrix swings to 2Q loss on revenue decline

Affymetrix Inc., which makes the GeneChip system for genetic data analysis, said Thursday it swung to a second-quarter loss on lower revenue and a restructuring charge.

The company lost $3.6 million, or 5 cents per share, compared with a profit of $1.2 million, or 2 cents per share, during the same period a year prior. Excluding restructuring charges, the company lost 4 cents per share.

Revenue, meanwhile, fell to $86.9 million from $88.3 million.

The results fell short of Wall Street forecasts. Analysts polled by Thomson Financial expected a profit of 5 cents per share on revenue of $92.2 million.

While product revenue rose 10 percent to $75 million, service revenue fell 25 percent to $9 million. Royalties and other revenue plunged to $2.9 million.

For the six-month period ended June 30, the company earned $42.6 million, or 56 cents per share, compared with a loss of $2.8 million, or 4 cents per share. Revenue rose to $256.5 million from $168.7 million.

Shares of Affymetrix plunged $1.96, or 19 percent, to $8.43 in after-hours trading after falling 14 cents to close at $10.39.