UPDATE: Flextronics Posts 75% Drop In Q3 Profit, Issues Downbeat Q4 Forecast
Flextronics International (NASDAQ: FLEX) reported a 75% drop in its fiscal third-quarter earnings.
For the current quarter, Flextronics expects earnings of $0.11 to $0.15 per share on revenue of $5 billion to $5.3 billion. However, analysts expected a profit of $0.20 per share on revenue of $5.69 billion.
Flextronics' quarterly profit fell to $25 million, or $0.04 per share, from $102.2 million, or $0.14 per share, in the year-ago period. Excluding one-time items, its adjusted earnings came in at $0.21 per share.
Its revenue fell 18% to $6.12 billion. The company in October expected a profit of $0.18 to $0.22 per share on revenue of $5.8 billion to $6.2 billion.
Flextronics shares tumbled 7.89% to $6.19 in after-hours trading.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.