UPDATE 1-Affymetrix cuts 2008 revenue view; shares fall
(Recasts, adds details, share movement)
April 14 (Reuters) - Affymetrix Inc (AFFX.O), a maker of microchips used in genetic research, cut its 2008 revenue outlook by about 3 percent, citing expected lower research spending by pharmaceutical and industrial customers, sending its shares down 21 percent.
The company said it is reviewing ways to further reduce operating expenses to offset the impact of the revenue reduction.
For 2008, the company expects revenue of $490 million to $510 million, compared with its prior view of $505 million to $525 million.
For 2008, analysts on average were expecting revenue of $439.7 million, according to Reuters Estimates.
The company said it expects first-quarter revenue to be about $170 million, including an intellectual property payment of $90 million it received in connection with the settlement of a patent litigation.
For the first quarter, analysts were expecting revenue of $114.3 million.
Shares of the Santa Clara, California-based company were trading at $12.86 after the bell. The stock had closed at $16.33 Monday on Nasdaq. (Reporting by Bijoy Koyitty in Bangalore; Editing by Deepak Kannan)
