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Flextronics 1st-qtr profit rises - Chartered Has First Loss in Seven Quarters
>> From kplctv.com:
[QUOTE]
The world's top contract electronics manufacturer, Flextronics International Ltd., posted a higher quarterly profit on Thursday as strong telecommunications and mobile telephone business helped drive revenue up 27 percent.
Flextronics said net income for its fiscal first quarter ended June 29 was $107 million, or 17 cents per share, compared with $84.5 million, or 14 cents per share, a year earlier.
Revenue was $5.16 billion, up 27 percent from a year earlier and above the average Wall Street forecast of $4.91 billion.
The company's customers include mobile phone company Sony Ericsson, printer and computer company Hewlett-Packard Co. and Xbox 360 game console seller Microsoft Corp.
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From bloomberg.com:
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Chartered Semiconductor Manufacturing Ltd., the world's third-biggest customized-chip maker, posted its first loss in seven quarters on price declines and tax expenses. The shares fell as much as 5.6 percent.
The second-quarter net loss was $24.7 million, or 11 cents per American depositary share, compared with profit of $12.9 million, or 4 cents, a year earlier, Singapore-based Chartered said today. The loss, which included a $28.5 million tax expense, was wider than company and analyst estimates. Sales fell 11 percent to $324.3 million.
Chartered forecast a loss of as much as $5 million this quarter on weaker demand from computer customers.
The company, which also makes chips used in Apple Inc.'s video iPods and Microsoft Corp.'s Xbox 360 game console, was expected to earn net income of $2 million, according to the median estimate of five analysts Bloomberg surveyed. Estimates ranged from a loss of $2.9 million to profit of $4.4 million.
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Full Story: kplctv.com | bloomberg.com
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