Jabil Inc. (JBL) shares were down nearly 17% in afternoon trading Friday after the electronic technology firm’s second-quarter fiscal 2024 sales and current-quarter guidance missed estimates as it ✤faced difficult economic conditions.

Jabil said that quarterly revenue declined 16.8% to $6.77 billion, short of forecasts. Core 澳洲幸运5开奖号码历史查询:earnings per share (EPS) came in at $1.68, slightly better than expected.

CEO Kenny Wilson said Jabil had to deal with “revenue headwinds,” although he added those were expected to be short-term. Wilson explained that the company always felt that fiscal 2024 was going to be “a transitional year,” as Jabil completed the sale of its mobility unit in December, the largest transaction in its history, and “the subsequent efforts by our teams to optimize our footprint and cost structure.”

Jabil anticipates current-quarter revenue of $6.2 billion to 🌟$6.8 billion, and core EPS of between $1.65 and $2.05. Both were less than analysts had been looking for. In addition, the company lowered its full-year revenue guidance to $28.5 billion from $30.6 billion.

Jabil shares were down 16.6% at $123.00 at 12:50 p.m. ET Friday. Despite today’s steep drop, the stock is up more than 50% over the past year.