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Shares of Jabil Inc. (JBL) are falling in Friday afternoon trading after the company reported second-quarter sales that were lower than analysts expected. Following the disappointment, Jabil revised down its full-year forecast, further weighing on the stock price.
Yahoo Finance’s Julie Hyman and Josh Lipton explain the details.
For more expert insights and the latest market trends, click here to watch the full episode of Yahoo Finance Live.
Editor’s note: This article was written by angel smith
video transcript
Julie Hyman: Jabiru, the contract manufacturer’s lower-than-expected share price, also fell as the company lowered its 2024 guidance table. Here are the fiscal Q2 earnings, and the CEO is trying to claim this in his statement. Fiscal Year 24 is always going to be a year of transition for the company. The company was selling its mobility business and trying to right-size its business. But investors don’t seem willing to be that patient.
Josh Lipton: It’s never a good thing when investors react by lowering full-year forecasts. The CEO actually spoke and highlighted what he calls the revenue headwinds julie. Now, in this statement, he was trying to emphasize that these are short-term. But as you said the fiscal year will be a transition period, it’s clear that investors are not waiting around for his CEO.
What is interesting is that the street is overwhelmingly positive for this name, but there is not a single cell. But today’s trade shows that reaction.
Julie Hyman: Yeah. So even though it’s down today, the stock is still up about 50% from what it has been in the past.
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