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UPDATE: Flextronics Posts 75% Drop In Q3 Profit, Issues Downbeat Q4 Forecast

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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.

Posted-In: profitEarnings News Guidance

 

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