Market Sell-Off: 1 Tech Stock to Buy Hand Over Fist Right Now

Shares of contract electronics manufacturer Jabil (NYSE: JBL) were clobbered following the release of the company's fiscal 2022 third-quarter earnings report on May 16. The stock fell 10% in a single session as investors were spooked about the possibility of a slowdown in the demand for its offerings.

Jabil reported healthy growth despite the supply chain issues plaguing the semiconductor industry. But management's comments on the latest earnings call regarding a potential weakness in demand due to economic slowdowns led investors to press the panic button. However, a closer look at Jabil's latest results and guidance indicates that investors may be overreacting.

Jabil delivered fiscal Q3 revenue of $8.3 billion, an increase of 15% over the prior-year period. Its adjusted earnings increased 32% year over year to $1.72 per share last quarter. Wall Street was looking for $1.62 per share in earnings on $8.22 billion in revenue from Jabil, but strong growth in the company's electronics manufacturing services (EMS) segment helped it crush expectations.

Source Fool.com