NEW YORK (GenomeWeb News) — Affymetrix today said that fourth-quarter revenue will likely fall 11.5 percent year over year, but because the company beat analysts’ estimates its shares skyrocketed.
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Affy today said it expects total revenues for the three months ended Dec. 31, 2006, to be around $100 million compared with $111.5 million during the same period in 2005. However, analysts expected the company to post $99.5 million for the period.
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The news caused shares in Affy to surge 15.19 percent, or $3.30, to $25.02 in mid-afternoon trading. The stock remains down more than 42 percent since this time last year.
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Affymetrix said it will report its quarterly results after market close on Feb. 7.