Jabil Circuit Inc. on Wednesday cuts its guidance for the year and projected downbeat results for the current quarter, warning of weaker demand in its mobility segment.

Shares, down 1.2% over the past 12 months, fell 8% to $20.20 in after-hours trading.

The electronics supplier projects third-quarter core profit of 12 cents to 18 cents a share on $4.1 billion to $4.3 billion in revenue, with diversified manufacturing services revenue projected to fall 10% from the year-ago period.

Analysts surveyed by Thomson Reuters projected 51 cents a share in core profit on $4.75 billion in revenue.

For the year, it now projects $2.12 a share in core profit on $18.5 billion in revenue, compared with its earlier view of $2.65 a share in core profit on $20 billion in revenue.

Founded in 1966, the St. Petersburg, Fla., company makes products for technology companies like Apple Inc. and Cisco Systems Inc. Apple accounted for 24% of its revenue in 2015.

Because of that, Jabil's financial results have largely mirrored the upswing in the tech market.

In 2014, Jabil was forced to restructure operations after ending business with BlackBerry Ltd., which had been its second largest customer by volume, accounting for 12% of its revenue in 2013.

Over all, for the period ended Feb. 29, Jabil reported a profit of $78.9 million, or 41 cents a share, compared with $52 million, or 27 cents a share, a year earlier. Excluding stock-based compensation and other items, profit rose to 57 cents from 50 cents a year earlier.

Revenue rose 2.2% to $4.40 billion.

Jabil had projected core profit of 54 cents to 70 cents a share on revenue on $4.4 billion to $4.7 billion in revenue.

Gross margin improved to 9.1% from 8.5% a year earlier.

Revenue in the electronics manufacturing services segment, which still accounts for more than half of its revenue and caters to clients in such areas as automotive and the so-called connected-home business, rose to $2.7 billion from $2.63 billion a year earlier. Previously, Jabil had forecast an increase of up to 5% for the current year.

The diversified manufacturing services segment—which caters to the defense and aerospace industry, health care and so-called wearable tech—was at $1.7 billion, compared with $1.68 billion a year earlier. Jabil had earlier projected a roughly 14% increase to $1.9 billion for the quarter and had targeted a 8% to 12% segment revenue increase for the year.

Write to Maria Armental at maria.armental@wsj.com

(END) Dow Jones Newswires

March 16, 2016 17:15 ET (21:15 GMT)

Copyright (c) 2016 Dow Jones & Company, Inc.
BlackBerry Ltd. (NASDAQ:BBRY)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more BlackBerry Ltd. Charts.
BlackBerry Ltd. (NASDAQ:BBRY)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more BlackBerry Ltd. Charts.