Jabil Inc. reports better-than-expected quarterly results, driven by recovery in 5G and AI datacenter markets. The company maintains positive outlook for FY24 despite earlier challenges.
Bollywood Fever: Electronic components maker Jabil Inc. announced on Thursday that it posted better-than-expected quarterly results, reflecting a recovery in demand in its 5G and AI datacenter markets after a sluggish period.
Jabil has reaped the benefits of the surge in artificial intelligence technologies, with companies aggressively investing in AI infrastructure. This uptick in demand has positively impacted Jabil’s performance, allowing the company to maintain a positive outlook for the full year.
Earlier this year, Jabil divested its mobility business and faced challenges across multiple end-markets. Despite these hurdles, the company reiterated its forecast for the full year. “Despite these moving pieces, we remain on track to deliver 5.6% in core margins and $8.40 of core diluted EPS in FY24,” Jabil CEO Mike Dastoor stated.
For the third quarter ended May 31, the St. Petersburg, Florida-based company reported quarterly revenue of $6.77 billion, surpassing analysts’ average estimates of $6.52 billion. Jabil earned $1.89 per share for the reported quarter, exceeding estimates of a profit of $1.85 per share.
Jabil’s strong quarterly performance highlights the resilience and strategic positioning of the company in the rapidly evolving tech landscape. As demand for 5G and AI technologies continues to grow, Jabil is poised to capitalize on these opportunities, reinforcing its market presence and driving sustained growth.
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