(Reuters) – Electronic components maker Jabil Inc on Thursday posted better-than-expected quarterly results, indicating recovery in demand in its 5G, AI datacenter markets after a sluggish period.
Jabil has benefited from the surge in artificial intelligence technologies, with companies scrambling to invest in AI infrastructure.
The company reiterated its outlook for the full year. Earlier this year, Jabil had divested its mobility business and faced challenges in multiple end-markets.
“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 said in a statement.
The St. Petersburg, Florida-based company reported quarterly revenue of $6.77 billion for the third quarter ended May 31, beating analysts average estimates of $6.52 billion.
It earned $1.89 per share for the reported quarter, above estimates of a profit of $1.85 per share.
(Reporting by Deborah Sophia and Pratyush Thakur in Bengaluru; Editing by Shailesh Kuber)
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