UPDATE 2-Jabil Q4 revenue projection disappoints, shares slip

* Q3 non-GAAP EPS 4 cents vs Street view 2 cents

* Sees Q4 revenue $2.5-2.7 bln vs Street's $2.7 bln

* Shares fall 3.5 percent after hours (Recasts; adds analyst's comment, layoffs, share action)

SAN FRANCISCO, June 23 (Reuters) - Jabil Circuit Inc (JBL.N) scaled back a layoff plan by nearly a fifth as demand in its markets stabilized, but a disappointing fourth-quarter revenue forecast helped send its shares 3.5 percent lower.

Jabil, which makes products for other companies including handsets for Nokia (NOK1V.HE) and computer hardware for Hewlett-Packard Co (HPQ.N), forecast revenue of $2.5 billion to $2.7 billion for the current fiscal fourth quarter. Analysts had expected $2.7 billion.

That's down from $3.09 billion a year ago.

"People expected to see some sequential growth, some pickup," said an analyst who asked not to be identified because he was not authorized to speak on the record.

The analyst cited, for instance, signs of a demand pick-up in certain sectors such as semiconductors.

"You're not seeing that here" with Jabil, the analyst said.

The company's stock, which had enjoyed a 7.7 percent run-up to $7.12 during regular trading on Tuesday, fell back after-hours to $6.87.

Jabil -- whose other clients include solar power player SunPower Corp SPWRA.O and network gear supplier Cisco Systems Inc (CSCO.O) -- said it now planned to lay off 2,500 as part of its 2009 restructuring plan, instead of the 3,000 it had announced in January.

Excluding items, Jabil earned 4 cents per share. On that basis, analysts on average had expected a profit of 2 cents per share, according to Reuters estimates.

The company posted a 14-cent net loss per share. It said GAAP earnings per share will range from a loss of 9 cents to earnings of 1 cent.

Its reported revenue of $2.62 billion for the third quarter ended May 31.

"Although the global economy remains in a recession, we see genuine stabilization across most of our end-markets," CEO Timothy Main said in a statement.

"End markets began to stabilize during the quarter."

(Reporting by David Lawsky; Editing by Richard Chang)