11:53 AM EDT, 03/15/2024 (MT Newswires) -- (Updates with the latest stock price movement in the headline and first paragraph.)

Jabil ( JBL ) shares were down more than 16% in recent Friday trading after the company's fiscal Q2 revenue fell short of market expectations, while the manufacturing solutions provider cut its fiscal 2024 outlook.

The company reported fiscal Q2 non-GAAP earnings of $1.68 per diluted share, down from $1.88 a year earlier. That result matched the average estimate of analysts polled by Capital IQ.

Net revenue for the quarter ended Feb. 29 was $6.77 billion, down from $8.13 billion a year earlier. Analysts surveyed by Capital IQ expected $6.93 billion.

The company said it expects fiscal Q3 non-GAAP EPS of $1.65 to $2.05. Analysts polled by Capital IQ expect $2.13. Net revenue for the quarter is expected in the range of $6.20 billion to $6.80 billion. Analysts surveyed by Capital IQ expect $7.39 billion.

Jabil ( JBL ) said it now expects fiscal 2024 non-GAAP EPS of $8.40. That compares with more than $9 projected previously. Analysts polled by Capital IQ expect $8.98. Net revenue is now projected to be $28.50 billion, the company said. That compares with its previous guidance of $31 billion. Analysts surveyed by Capital IQ expect $30.48 billion.

Price: 123.15, Change: -24.31, Percent Change: -16.49