(Adds details on forecast, analyst estimates, shares)
April 30 - Contract electronics manufacturer Flextronics
International Ltd reported better-than-expected
fourth-quarter revenue and adjusted profit on Wednesday, helped
by higher demand from its game console and smartphone customers.
The company, which makes the Xbox game console for Microsoft
Corp and smartphones for Google Inc, also
forecast a higher profit for the current quarter, helping to
push up its shares about 3 percent in extended trading.
Microsoft's first new Xbox in eight years, which went on
sale in the United States in November, had sold more than five
million units as of April 17.
Uncertainly surrounds its links to Google, however, after
the search giant agreed to sell its Motorola handset division to
China's Lenovo Group Ltd for $2.91 billion in January.
Flextronics makes and assembles desktop PCs for Lenovo but
does not make mobile phones for the Chinese company.
The deal has yet to be cleared by U.S. and Chinese
Flextronics, which also produces networking and other
electronics gear, forecast adjusted earnings of 20-24 cents per
share for the current quarter, on revenue of $6.0-$6.5 billion.
Analysts on average had expected earnings of 23 cents per
share on revenue of $6.28 billion, according to Thomson Reuters
Flextronics reported net income of $42.98 million, or 7
cents per share, for the fourth quarter ended March 31 compared
with a net loss of $49.32 million, or 8 cents per share, a year
Excluding items, the company earned 24 cents per share,
beating the average analyst estimate of 20 cents per share.
Revenue rose 27 percent to $6.72 billion, exceeding the
average estimate of $6.10 billion, according to Thomson Reuters
Flextronics shares rose to $9.30 in extended trading after
closing at $8.99 on the Nasdaq. The stock has risen about 17
percent in the past three months.
(Reporting By Aurindom Mukherjee and Supantha Mukherjee in
Bangalore; Editing by Savio D'Souza and Ted Kerr)