NEW YORK ( TheStreet) -- Shares of Affymetrix ( AFFX) tumbled in late trades on Wednesday after the Santa Clara, Calif.-based maker of biotechnology testing equipment issued a weak revenue outlook for its fiscal second quarter, citing lower sales for its academic customers, particularly in North America. Affymetrix said it now expects total revenue of $64 million to $65 million, below the average estimate of analysts polled by Thomson Reuters for revenue of $74.1 million in the June-ended quarter. The company broke down the forecast, saying it sees product revenue of $58 million to $59 million, service revenue of roughly $5 million and license and royalty revenue of about $1 million. "We are clearly disappointed with our revenue this quarter," said Tim Barabe, the company's chief financial officer, in a statement. "However, we still expect to generate approximately $10 million in positive cash-flow for the second quarter and to have a net cash position of more than $155 million." In addition to the weakness in the academic community, Affymetrix said it expects consumable revenue to be down 10% year-over-year. The stock was last quoted at $6.65, down almost 17%, on volume of roughly 340,000. Based on a regular session close at $8, the shares were up nearly 57% so far in 2011. Affymetrix is expected to report its fiscal second-quarter results on July 27, and the average analysts' view ahead of Wednesday's news was calling for a loss of a penny per share. Wall Street was negative on the stock ahead of the warning with 14 of the 16 analysts covering the shares at either hold (13) or underperform (3), and the median 12-month price target sitting at $6.
"We now expect our preliminary Micro-electronics revenue will be approximately $61 million, which compares to the previous second quarter Micro-electronics revenue guidance of between $65.0 million and $67.0 million," said Robert Young, the company's president and CEO, in a press release. "We recognize Micro-electronics revenue one quarter in arrears and the first quarter actual data came in lower than expectations, which impacted our second quarter financials." The San Jose, Calif.-based developer of miniaturization technology products for electronic devices is expected to report its full second-quarter results on July 28. Other stocks seeing big moves in late trades included Lender Processing Services ( LPS), whose shares fell 5% following news of the resignation of Chief Executive Officer Jeffrey Carbiener for health reasons; and Sprint Nextel ( S - Get Report), which tacked on 3% to $5.69 on volume of 2.4 million, extending its regular-session rise on speculation that it could be the next wireless carrier to be able to offer Apple's ( AAPL - Get Report) iPhone to its customers. -- Written by Michael Baron in New York. >To contact the writer of this article, click here: Michael Baron. >To submit a news tip, send an email to: email@example.com