Genome sequencing specialist Pacific Biosciences of California (NASDAQ: PACB) reported first-quarter 2021 financial results on Thursday afternoon that were right in line with analyst estimates. But in yet another example of a company falling sharply following a decent earnings report, shares of PacBio are down by 10.8% as of 12:48 p.m. EDT on Friday, after dropping by as much as 13.3% earlier in the day.
PacBio announced record first-quarter revenue of $29 million, an 86% year-over-year increase and exactly what analysts expected. Meanwhile, the company recorded a net loss of $87.4 million -- or a net loss per share of $0.45 -- compared to the net income of $1.3 million and net income per share of $0.01 it reported during the year-ago period. Analysts tracking the company had predicted that it would report a net loss of $0.46. Why aren't investors satisfied with PacBio's Q1 performance?
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Why Pacific Biosciences of California Stock Is Down Today