JBL - Is This Incredibly Cheap Tech Stock Going to Become the Next Hot Artificial Intelligence (AI) Play?
2024-06-28 05:54:00 ET
Contract electronics manufacturer Jabil (NYSE: JBL) has endured a tough time on the stock market so far this year, losing 11% of its value as of this writing, and the company's latest quarterly report hasn't helped boost investor confidence, either.
Jabil released fiscal 2024 third-quarter results (for the three months ended May 31) on June 20. The stock rose initially thanks to its better-than-expected numbers, but the guidance was gloomy, and the company's shares fell by more than 11%. Let's see why that was the case and check if a new catalyst in the form of artificial intelligence (AI) could give Jabil a boost.
Jabil delivered quarterly revenue of $6.8 billion, down by 20% from the year-ago period. Investors should note that the company divested its mobility business in December last year, which explains the steep year-over-year decline in its top line. However, the good part is that Jabil's revenue exceeded the midpoint of its guidance range of $6.2 billion to $6.8 billion. Wall Street would have settled for $6.53 billion in revenue from Jabil.
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Is This Incredibly Cheap Tech Stock Going to Become the Next Hot Artificial Intelligence (AI) Play?