The contract electronics maker posted earnings of 26 cents a share. Analysts surveyed by Thomson Reuters estimated earnings of 23 cents a share. Flextronics reported revenue of $7.18 billion for the quarter, beating analyst estimates of $6.7 billion.
The Singapore-based company said strong demand for video game consoles and smartphones helped revenue. Flextronics produces Xbox consoles for Microsoft (MSFT) and smartphones for Google's (GOOG) Motorola division (which Google just sold to Lenovo, which Flextronics already has a relationship with).
Flextronic said it expects fiscal fourth-quarter earnings of between 18 cents and 22 cents a share and revenue of between $5.9 billion and $6.3 billion. Analysts estimate earnings of 19 cents a share and $5.97 billion in revenue.
Analyst firm Craig-Hallum upgraded Flextronics to "buy" from "hold," raising the price target to $11 from $10.
TheStreet Ratings team rates FLEXTRONICS INTERNATIONAL as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about its recommendation:
"We rate FLEXTRONICS INTERNATIONAL (FLEX) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth and increase in stock price during the past year. We feel these strengths outweigh the fact that the company has had sub par growth in net income."