Apple supplier Jabil Circuit forecasts revenue above Street
n”>(Reuters) – Jabil Circuit Inc, which makes phone casings for Apple Inc, forecast revenue for the current quarter above average analyst estimate, helped by strong demand for iPhones.
Apple, one of Jabil’s biggest customers, had said it sold a 74.5 million iPhones in the December quarter.
Jabil said it expects manufacturing services revenue to rise 42 percent for the third quarter ending May 31. The business makes iPhones casings.
The company also forecast third-quarter core earnings of 43-55 cents per share on revenue of $4.35 billion-$4.55 billion.
Analysts on average were expecting a profit of 47 cents per share on revenue of $4.43 billion, according to Thomson Reuters I/B/E/S.
The contract electronics maker reported a net income attributable of $52 million, or 27 cents per share, in the second quarter ended Feb. 28, compared with a loss of $38.7 million, or 19 cents per share, a year earlier.
The company reported core earnings of 50 cents per share. Revenue rose to $4.31 billion from $3.58 billion a year earlier.
Analysts had expected core earnings of 45 cents per share on revenue of $4.27 billion.
Shares of Jabil, whose customers include Apple Inc, Cisco Systems Inc and Ericsson, closed at $22.65 on the New York Stock Exchange on Wednesday.
(Reporting by Subrat Patnaik and Anya George Tharakan in Bengaluru)
Source: Newsjyoti Tech