Shares of Flex Ltd. (FLEX, Financial) plunged 30% Friday after announcing second-quarter results. The company posted earnings per share of 29 cents and revenue of $6.71 billion, reflecting 7.0% year-over-year growth. The company beat earnings estimates by 1 cent but fell short of revenue estimates by $80 million.
The cash from operations were negative $764 million and negative $1.7 billion for the three and six-month periods ended Sept. 28.
Looking ahead to the third quarter, revenue is expected to be between $6.6 billion and $7.0 billion. Adjusted earnings per share are expected to be in the range of 29 to 33 cents per diluted share. GAAP earning per share are expected to be in the range of 19 to 23 cents, including primarily stock-based compensation expense and intangible amortization.
Shares of Snap Inc. (SNAP, Financial) fell more than 15% after third-quarter loss per share of 12 cents on revenue of $298 million, for 43.3% year-over-year growth. The company beat earnings estimates by 15 cents and revenue expectations by $15.22 million.
Tim Stone, Snap CFO, said, “We achieved record revenue and strong bottom-line results this quarter and expect a record fourth quarter, as we continue to invest in innovation for our community and scale our business.”
Looking ahead to the fourth quarter, the company expects revenue to be between $355 million and $380 million, or grow between 24% and 33% compared to the same quarter of 2017.Ă‚ Adjusted Ebitda is expected to be between $(100) million and $(75) million, compared to $(159) million in the comparable period of 2017.
First Solar Inc. (FSLR) shares dropped 7% on Friday ahead of weak revenues. The company posted third-quarter earnings of 54 cents, on revenue of $676.22 million. The company beat earnings estimates by 11 cents but fell short of revenue estimations by $17.96 million.
Looking ahead, the company expects 2018 net sales to be between $2.3 billion and $2.4 billion. It is expecting a gross margin of 18.5% to 19.5% and earnings per share in the range of $1.40 to $1.60.
Disclosure: The author holds no position in any stocks mentioned.
