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What: Shares of genetics analysis specialist Affymetrix (Nasdaq: AFFX) got clobbered by investors today, losing as much as 20% in intraday trading on heavy volume.

So what: When a company says that it's "clearly disappointed" with its revenue for a quarter, you can be assured that its investors will be none too happy. For the second quarter, Affymetrix said that it will likely report between $64 million and $65 million in revenue. Wall Street analysts had been expecting a hair over $74 million. This was a preliminary announcement, so it didn't give investors a full picture of the quarter's financials, but it's a pretty safe assumption that the bottom line will also be worse than anticipated.

Now what: For those interested in looking on the bright side, the company's CFO emphasized the fact that the company produced approximately $10 million in positive cash flow, and will end the quarter with $155 million in net cash. Looking ahead though, the question that investors will likely want answered when the company holds its quarterly conference call is whether academic institutions -- which management blamed for the revenue miss -- are expected to open their wallets again anytime soon.

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Fool contributor Matt Koppenheffer does not have a financial interest in any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or Facebook. The Fool's disclosure policy prefers dividends over a sharp stick in the eye.