Solazyme Gains as Results Beat Estimates: San Francisco MoverJustin Doom
Solazyme Inc., a U.S. biofuel company that produces oil from algae, surged after reporting a smaller-than-expected second-quarter loss.
Solazyme gained 13 percent to $12.65 at the close in New York, the most since November 2011.
The net loss was $25.8 million, or 28 cents a share, excluding one-time items, the South San Francisco, California-based company said in a statement released yesterday after the close of regular trading. The average per-share loss of eight analysts surveyed by Bloomberg was 36 cents.
The company’s quarterly revenue of $11.2 million exceeded the average of nine analysts’ estimates, according to data compiled by Bloomberg.