EMERYVILLE, Calif. (AP) -- Sustainable energy company Amyris Inc. cut its loss in the third quarter, as operating expenses fell sharply from a year earlier.
The results beat Wall Street's expectations, sending shares in the company soaring more than 17 percent in after-hours trading on Tuesday.
The Emeryville, Calif.-based company reported a loss of $20.3 million, or 34 cents per share, for the three months ended Sept. 30. That compares with a loss of $43.7 million, or 97 cents per share, in the prior-year quarter.
Revenue tumbled 47 percent to $19.1 million from $36.3 million a year earlier, as product sales plummeted.
Even so, the results trumped the analysts' consensus forecast, which called for a loss of 72 cents per share and revenue of $10.7 million, according to FactSet.
Amyris converts plant sugars into hydrocarbon molecules, which can be used in various products; including cosmetics, flavors, lubricants, diesel and jet fuels.
Shares ended regular trading up 6 cents, or 2.4 percent, at $2.59. The stock gained 46 cents, or 17.8 percent, to $3.05 in extended trading.
- Investment & Company Information