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Why Shares of Flex Jumped Today

TheMotleyFool

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Shares of Flex (NASDAQ: FLEX) rose on Friday after the electronics manufacturing services provider reported its fiscal first-quarter results. While Flex's report was mixed relative to analyst estimates, the company's earnings guidance for the second quarter was above expectations. The stock was up about 12% at 10:40 a.m. EDT.

Flex reported first-quarter revenue of $6.18 billion, down 3.5% year over year and $50 million below the average analyst estimate. Revenue grew in industrial and health solutions, but geopolitical issues in China led to weak revenue from a few telecom and networking customers, as well as a decline in automotive revenue.

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