Affymetrix tumbles after swinging to Q2 loss
Genetic analysis systems developer and manufacturer Affymetrix Inc. (Nasdaq:AFFX) is off 28% today after announcing after the close on Thursday that its second quarter earnings had swung to a loss. For the 2008 second quarter, the company posted a net loss of $3.6 million, or $0.05 per share, compared with net income of $1.2 million, or $0.02 per share, for the same quarter a year ago. Revenues were $86.9 million versus $88.3 million for the period a year earlier. Analysts had been expecting net income of $0.05 per share on revenues of $92.15 million. Low pharmaceutical revenues dragged down the company’s earnings, Affymetrix said.
In today’s pre-market trading, shares of the Santa Clara, Calif.-based company are at $7.51, down $2.88 from Thursday’s close.
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