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.
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.
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.
Affymetrix said it will report its quarterly results after market close on Feb. 7.