AMRS - Why Amyris Stock Was Driven Into the Ground on Wednesday
Synthetic-biology company Amyris (NASDAQ: AMRS) had an absolutely awful day on the stock exchange Wednesday, due to an earnings report that fell well short of expectations. Investors mercilessly punished the company, driving its share price down a vertigo-inducing 41%.
After market hours on Tuesday, Amyris divulged its third-quarter results. These revealed that the company earned just over $71 million in "core" (i.e., total) revenue, which bettered the year-ago quarter by 49%. That was fueled by record take in the consumer area, which nearly doubled to almost $47 million. Alas, the total fell far short of the average analyst estimate of just under $112 million.
On the bottom line, the situation was worse. The company's GAAP net loss deepened considerably, to more than $161 million ($0.50 per share) against third quarter 2021's less than $33 million deficit.
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Why Amyris Stock Was Driven Into the Ground on Wednesday