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BANGKOK - Fabrinet (NYSE:FN) shares jumped 3% after the optical manufacturing services provider reported fiscal second-quarter results and third-quarter guidance that exceeded analyst expectations.
The company posted adjusted earnings per share of $2.61 for Q2, surpassing the consensus estimate of $2.50. Revenue came in at $833.6 million, beating expectations of $813.86 million and rising 17% YoY.
For the third quarter, Fabrinet forecasts adjusted EPS of $2.55-$2.63, above the $2.55 analyst consensus. The company expects Q3 revenue of $850-870 million, also ahead of the $825 million estimate.
CEO Seamus Grady noted "continued business momentum" in Q2, with particularly strong performance in telecom driven by increasing demand for datacenter interconnect products and progress on recent systems wins.
While datacom demand has "slightly moderated near-term," Grady said the company continues to anticipate "more rapid growth as next-generation products ramp production."
Fabrinet’s board also approved an expansion of its share repurchase program, authorizing up to an additional $100 million in buybacks.
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