Amyris posts lower 3Q loss
Amyris Inc(NASDAQ:AMRS) has posted a narrower loss in the third quarter as operating expenses fell. However, revenue dropped significantly, although it was higher than analysts’ estimates.
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The sustainable energy company posted a net loss of $20.3 million, which works out to 34 cents a share. In comparison, the losses last year were much higher at $43.7 million or 97 cents.
Revenue of the company which converts plant sugars into hydrocarbon molecules fell 47 percent from $36.3 million in the prior year period to $19.1 billion.
The results beat analysts’ estimates of a loss of 72 cents a share on revenue of $10.7 million.
Shares of the California-based company rose 25.10% to $3.24 on hefty volume in Wednesday’s session.
STEC 3Q results trump estimates
STEC, Inc.(NASDAQ:STEC)’s results for the third quarter have also beaten analysts’ estimates, although the company’s outlook for the current quarter is much lower than expected on the Street.
The revenue for the quarter dropped 41.9 percent to $42.1 million. However, there has been a 3.4 percent sequential increase. Analysts had expected $40.7 million.
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Loss for the quarter on a non-GAAP basis is 24 cents, lower than analysts’ estimates of 28 cents.
For the fourth quarter, the solid state drive company sees revenue between $36 million and $40 million. It expects a loss between 31 cents and 35 cents a share on a non-GAAP basis. The Street however expects higher revenue at $45.2 million and a loss of only 22 cents a share.
CEO Mark Moshayedi said that they have worked on building a mixed customer model comprising OEM, Channel and Enterprise end user customers and that this has led to increased customer strength in the enterprise end users segment.
Shares of STEC tumbled 24% and made a new 52-week low of $4.31.