Shares in electronics supplier company Jabil Circuit Inc (NYSE:JBL) plummeted on Thursday after the firm cut its outlook for the year and forecast weak results for the current quarter.
The electronics supplier expects third-quarter profit to range between 12 cents and 18 cents per share on $4.1bn to $4.3bn of sales.
Analysts had forecast profit of 51 cents a share on $4.75bn in revenue, and shares, which are 16% down on the year, lost around 11% to $18.60 on Thursday.
Jabil Circuit, which supplies electronic parts to companies including Apple (NASDAQ:AAPL) said a big issue was the diversified manufacturing services, division, where revenue is projected to fall 10% in its next quarter from the same period a year ago.
For the full year, the company now projects $2.12 a share in profit on $18.5bn in revenue, compared with its earlier view of $2.65 a share in core profit on $20bn in revenue, as it also warned of weaker demand in its mobility segment.