Jabil stock tanks 12% as revenue misses estimates

Jabil Inc (NYSE: JBL) is down 12% on Friday after reporting slightly lower-than-expected revenue for its second financial quarter.

Jabil stock down on muted guidance

Investors are concerned also because the manufacturing company issued downbeat guidance for the future. $JBL now forecasts its revenue to fall between $6.2 billion and $6.8 billion.

Analysts, in comparison, were at $7.4 billion. Kenny Wilson – the chief executive of Jabil Inc said in a press release today:

The quarterly release arrives more than a month after the New York listed firm announced 8 cents a share of quarterly dividend. Jabil stock is still up close to 100% versus its 52-week low.

Jabil Q2 earnings snapshot

• Earned $927 million versus the year-ago $207 million
• Per-share earnings also climbed from $1.52 to $7.31
• Adjusted EPS printed at $1.68 as per the earnings report
• Net revenue tanked 16% year-on-year to $6.8 billion
• Consensus was $1.66 a share on $6.9 billion in revenue

Jabil Inc also lowered its forecast for the full financial year on Friday. According to CEO Wilson: