Oppenheimer Reviews Affymetrix 1Q Results

In a recent report by Oppenheimer, it gave a quarterly update for Affymetrix Inc. AFFX following the release of AFFX's 1Q earnings. According to Oppenheimer, Affymetrix experienced negative revenue growth but were close to forecast expectations. Oppenheimer explains, “1Q11 revenue of $73.7M (-8% y/y) was in line with or expectations but behind the Street estimate of $74.5M.” On a positive note, “The bottom line was aided substantially by product gross margin that was 540bp better than our estimate”, says Oppenheimer. Affymetrix currently has a Perform rating and closed yesterday at $5.83.