(Adds sales details, outlook, stock price)
LOS ANGELES, Jan 31 (Reuters) - Affymetrix Inc AFFX.O on Thursday said its fourth-quarter profit rose 47 percent on higher sales of its microchips used in genetic research and drug development.
Affymetrix, based in Santa Clara, California, reported net profit of $12.8 million, or 17 cents a share, compared with $8.7 million, or 13 cents a share, a year earlier.
The latest results included a 3-cent-per-share restructuring charge.
Fourth-quarter revenue rose to $107.6 million from $104.2 million a year earlier.
Wall Street had expected a profit of 16 cents a share, excluding one-time costs, on revenue of $109.2 million, according to Reuters Estimates.
Looking ahead, Affymetrix projected 2008 revenue of $505 million to $525 million, including a one-time $90 million intellectual property payment in the first quarter.
Wall Street analysts had projected 2008 revenue of $403 million.
The company said it expects total 2008 operating expenses of $225 million to $230 million.
Shares of Affymetrix, which fell 3.4 percent to close at $20.06 on Nasdaq, were slightly higher at $20.32 in after hours trading.
Reporting by Deena Beasley, editing by Phil Berlowitz, Leslie Gevirtz