Exhibit 99.1

Flextronics contacts:

Thomas J. Smach

Chief Financial Officer

+1.408.576.7722

investor_relations@flextronics.com

Renee Brotherton

Senior Director of Corporate Marketing

+1.408.576.7189

renee.brotherton@flextronics.com

FLEXTRONICS ANNOUNCES SECOND QUARTER RESULTS

- Gross Margin up 30 Basis Points Year-Over-Year;

- Eighth Consecutive Quarter of Year-Over-Year Operating Margin Improvement

Cash Conversion Cycle Decreases to 16 days;

- Record High Cash Increases by $320 million; Debt Decreases by $197 million

Singapore, October 25, 2005 – Flextronics (NASDAQ: FLEX) today announced results for its second quarter ended September 30, 2005 as follows:

(USD in millions, except EPS)	Three Months Ended September 30,					Six Months Ended September 30,
	2005			2004		2005		2004
Net sales	$	3,884.2		$	4,138.2	$	7,781.8	$	8,018.7
GAAP net income (loss)	$	(2.4	)	$	92.6	$	56.3	$	166.9
Net income, excluding intangible amortization, restructuring and other charges (1)	$	101.3		$	98.5	$	201.0	$	176.8
Diluted GAAP EPS	$	—		$	0.16	$	0.09	$	0.29
Diluted EPS, excluding intangible amortization, restructuring and other charges (1)	$	0.17		$	0.17	$	0.33	$	0.31

(1) The non-GAAP financial measures disclosed in this press release exclude certain amounts that are included in the most directly comparable measures under Generally Accepted Accounting Principles (“GAAP”). Non-GAAP results exclude after-tax intangibles amortization, results from divestitures, restructuring and other charges. The Company recorded intangible amortization expense of $14.6 million and $29.3 million during the three- and six-month periods ended September 30, 2005, respectively, and $8.7 million and $17.3 million during the three- and six-month periods ended September 30, 2004, respectively. The Company also recorded pre-tax restructuring charges of $50.3 million and $83.0 million during the three- and six-month periods ended September 30, 2005, respectively, and $33.5 million and $57.1 million during the three- and six-month periods ended September 2004, respectively, which were primarily related to the closures and consolidations of various manufacturing facilities. The Company also recorded a $15.0 million bad debt reserve in the quarter ended September 30, 2005 associated with accounts receivable from Delphi, who recently filed for bankruptcy. The divestiture of the Semiconductor and Network Services operations resulted in a pre-tax gain of $70.7 million in the quarter ended September 30, 2005. The tax impacts related to all of these items and other non-operational tax adjustments amounted to $94.5 million and $88.1 million of tax expense during the three- and six-month periods ended September 30, 2005, respectively, and a tax benefit of $36.3 million and $64.6 million during the three- and six-month periods ended September 30, 2004, respectively. The reconciliation of non-GAAP results to GAAP results is illustrated in Schedules I and II attached to this press release.

Second Quarter 2006 Results

Net sales for the second quarter ended September 30, 2005 were $3.9 billion compared to $4.1 billion in the year ago quarter.

Excluding intangibles amortization, restructuring and other charges, net income for the second quarter ended September 30, 2005 increased 3% to $101.3 million, or $0.17 per diluted share, compared with $98.5 million, or $0.17 per diluted share in the year ago quarter. After-tax amortization, restructuring and other charges amounted to $103.8 million in the second quarter ended September 30, 2005 compared to $5.9 million in the year ago quarter, resulting in a GAAP net loss of $2.4 million, or nil earnings per diluted share in the second quarter ended September 30, 2005, as compared to net income of $92.6 million, or $0.16 per diluted share in the year ago quarter.

Return on Invested Tangible Capital (“ROITC”) increased to 27% in the second quarter ended September 30, 2005 from 24% in the year ago quarter. The Company’s cash conversion cycle decreased to 16 days in the second quarter ended September 30, 2005 from 20 days in the previous sequential quarter. Excluding intangibles amortization, restructuring and other charges, operating margin increased 20 basis points to 3.4% in the second quarter ended September 30, 2005 from 3.2% in the year ago quarter, representing the 8th consecutive quarter of year-over-year operating margin improvement.

The Company ended the quarter with a record high $1.2 billion in cash, up from $830 million at the end of the previous sequential quarter. Total debt has decreased by $197 million since the end of the previous sequential quarter. Net debt amounted to $439 million at the end of the September 2005 quarter and has been reduced by $517 million since the end of the previous sequential quarter. Free cash flow, which is cash flow from operations less capital expenditures, generated $327 million in the second quarter ended September 30, 2005, which closely approximated the $339 million used to fund acquisitions during the quarter. The previously announced divestitures of the Network Services and Semiconductor divisions generated $519 million, which closely approximated the $197 million reduction in debt and the $320 million increase in cash in the second quarter ended September 30, 2005.

With regard to the September quarter operating results, Michael E. Marks, Chief Executive of Flextronics stated, “We are extremely pleased with our working capital management and cash flows for the quarter. To this end, we are pleased that we were able to reduce our cash conversion cycle to 16 days from 20 days in the previous quarter. Our cash also increased by $320 million and our debt decreased by $197 million from the end of the previous quarter while our cash flow from operations of $381 million was sufficient to fund our capital expansion and acquisition activity during the quarter. We were also able to increase operating margins for the eighth consecutive quarter on a year-over-year basis.”

As previously announced, Flextronics merged its Network Services division with Telavie, a company wholly-owned by Altor 2003 Fund, a Nordic private equity firm. Flextronics received an upfront cash payment along with deferred and contingent payments, and has retained a 30% ownership stake in the merged company. Flextronics has also sold its semiconductor division to AMIS Holdings, the parent company of AMI Semiconductor. Both divestitures closed during the September 2005 quarter. Flextronics received cash payments of $519 million in the quarter for these divestitures which resulted in a pretax gain of $71 million. In connection with these

divestitures, the Company recognized a non-cash tax expense of $99 million associated with the utilization of deferred tax assets, resulting in an after-tax non-cash loss of $28 million.

Marks concluded by saying, “Our year-over-year revenue comparisons are adversely impacted by the divestitures of our Network Services and Semiconductor divisions along with the impact from two European OEM customers divesting their cell phone businesses during the past year. We expect the December 2005 quarter revenue comparison to be the last quarter adversely impacted by these customer actions.”

Guidance

Management provided guidance for quarterly earnings per diluted share (excluding amortization, restructuring and other charges) of $0.18 to $0.20 on revenues of $4.0 billion to $4.2 billion for the December 2005 quarter. The Company also provided guidance for its March 2006 quarter of earnings per diluted share (excluding amortization, restructuring and other items) of $0.16 to $0.18 on revenues of $3.6 billion to $3.8 billion. Quarterly GAAP earnings per diluted share are expected to be lower than the guidance provided herein by approximately $0.03 per diluted share reflecting quarterly amortization expense. The timing and amount of restructuring and other charges cannot be estimated.

Conference Call and Web Cast

A conference call hosted by Flextronics’ management will be held today at 1:30 p.m. PDT to discuss the Company’s financial results and its outlook. This call will be broadcast via the Internet and may be accessed by logging on to the Company’s website at www.flextronics.com. Additional information in the form of a slide presentation that summarizes the quarterly results may also be found on the Company’s site. A replay of the broadcast will remain available on the Company’s website after the call.

Minimum requirements to listen to the broadcast are Microsoft Windows Media Player software (free download at http://www.microsoft.com/windows/windowsmedia/download/default.asp) and at least a 28.8 Kbps bandwidth connection to the Internet.

About Flextronics

Headquartered in Singapore (Singapore Reg. No. 199002645H), Flextronics is a leading Electronics Manufacturing Services (EMS) provider focused on delivering innovative design and manufacturing services to automotive, industrial, medical, and technology companies. With fiscal year 2005 revenues of USD$15.9 billion, Flextronics helps customers design, build, ship, and service electronics products through a network of facilities in over 30 countries on five continents. This global presence provides customers with complete design, engineering, and manufacturing resources that are vertically integrated with components to optimize their operations by lowering their costs and reducing their time to market. For more information, please visit www.flextronics.com.

# # #

This press release contains forward-looking statements within the meaning of federal securities laws. These forward-looking statements include statements relating to success of long-term initiatives, new customer opportunities, revenue contribution from new customers, margin expansion, growth rate, profitability, anticipated use of available cash, and cash flow and cash reserves. These forward-looking statements involve risks and uncertainties that could cause the actual results to differ materially from those anticipated by these forward-looking statements. These risks include our ability to respond to changes in economic trends and to fluctuations in demand for customers’ products and changes in customers’ orders; the challenges of effectively managing our operations; not obtaining anticipated new customer programs, or if we do obtain them, their delay or inability to contribute to our revenue or profitability as expected or at all; the challenges of integrating acquired companies and assets, particularly the assets we have agreed to acquire from Nortel Networks; our inability to generate or support

increased ODM and design activity; our need to take reserves for doubtful accounts of customers and the effects of customer bankruptcies; our dependence on a small number of large customers; competition in our industry; supply shortages of required electronic components; the challenges of international operations; the possible need for future restructurings and impairments of assets, and the other risks described under “Business – Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our most recent Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q and our Current Reports on Form 8-K, filed with the U.S. Securities and Exchange Commission. The forward-looking statements in this press release are based on current expectations and Flextronics assumes no obligation to update these forward-looking statements.

SCHEDULE 1

FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Three Months Ended September 30, 2005								Three Months Ended September 30, 2004
	Non-GAAP(1)		Required Adjustments			GAAP			Non-GAAP(1)		Required Adjustments			GAAP
Net sales	$	3,884,231				$	3,884,231		$	4,138,249				$	4,138,249
Cost of sales		3,622,025					3,622,025			3,867,385					3,867,385
Restructuring and other charges		—		38,463			38,463			—		25,704			25,704
Gross profit		262,206		(38,463	)		223,743			270,864		(25,704	)		245,160
Selling, general and administrative expenses		131,975					131,975			139,022					139,022
Restructuring and other charges		—		26,883			26,883			—		7,798			7,798
Operating income		130,231		(65,346	)		64,885			131,842		(33,502	)		98,340
Intangibles amortization		—		14,629			14,629			—		8,683			8,683
Interest and other expense, net		23,018					23,018			22,429					22,429
Gain on divestiture of operations		—		(70,695	)		(70,695	)		—					—
Income before income taxes		107,213		(9,280	)		97,933			109,413		(42,185	)		67,228
Provision for (benefit from) income taxes		5,896		94,484			100,380			10,941		(36,335	)		(25,394	)
Net income (loss)	$	101,317	$	(103,764	)	$	(2,447	)	$	98,472	$	(5,850	)	$	92,622
Earnings (loss) per share:
Basic	$	0.18				$	0.00		$	0.18				$	0.17
Diluted	$	0.17				$	0.00		$	0.17				$	0.16
Shares used in computing per share amounts:
Basic		572,376					572,376			551,875					551,875
Diluted		602,147					572,376			582,206					582,206

(1) The non-GAAP financial measures disclosed in this release exclude certain amounts that are included in the most directly comparable GAAP measures. Non-GAAP results exclude after-tax intangibles amortization, results from divestitures, restructuring and other charges. The Company recorded intangible amortization expense of $14.6 million and $8.7 million during the quarters ended September 30, 2005 and September 30, 2004, respectively. The Company recorded restructuring charges of $50.3 million and $33.5 million during the quarters ended September 30, 2005 and September 30, 2004, respectively, which were primarily related to the closures and consolidations of various manufacturing facilities. The Company also recorded a $15.0 million bad debt reserve in the quarter ended September 30, 2005 associated with accounts receivable with Delphi, who recently filed for bankruptcy. The divestiture of the Semiconductor and Network Services divisions resulted in pre-tax income of $70.7 million for the quarter ended September 30, 2005. The tax impacts related to all of these items

and other non-operational tax adjustments amounted to $94.5 million of tax expense in the quarter ended September 30, 2005 and a tax benefit of $36.3 million during the quarter ended September 30, 2004.

SCHEDULE II

FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except per share amounts)

(Unaudited)

	Six Months Ended September 30, 2005								Six Months Ended September 30, 2004
	Non-GAAP(2)		Required Adjustments			GAAP			Non-GAAP(2)		Required Adjustments			GAAP
Net sales	$	7,781,762				$	7,781,762		$	8,018,697				$	8,018,697
Cost of sales		7,240,342					7,240,342			7,500,901					7,500,901
Restructuring and other charges		—		66,035			66,035			—		46,695			46,695
Gross profit		541,420		(66,035	)		475,385			517,796		(46,695	)		471,101
Selling, general and administrative expenses		279,766					279,766			280,618					280,618
Restructuring and other charges		—		32,000			32,000			—		10,395			10,395
Operating income		261,654		(98,035	)		163,619			237,178		(57,090	)		180,088
Intangibles amortization		—		29,250			29,250			—		17,344			17,344
Interest and other expense, net		49,035					49,035			40,715					40,715
Gain on divestiture of operations		—		(70,695	)		(70,695	)		—					—
Income before income taxes		212,619		(56,590	)		156,029			196,463		(74,434	)		122,029
Provision for (benefit from) income taxes		11,655		88,114			99,769			19,646		(64,561	)		(44,915	)
Net income	$	200,964	$	(144,704	)	$	56,260		$	176,817	$	(9,873	)	$	166,944
Earnings per share:
Basic	$	0.35				$	0.10		$	0.33				$	0.31
Diluted	$	0.33				$	0.09		$	0.31				$	0.29
Shares used in computing per share amounts:
Basic		570,851					570,851			541,250					541,250
Diluted		600,222					600,222			575,110					575,110

(2) The non-GAAP financial measures disclosed in this release exclude certain amounts that are included in the most directly comparable GAAP measures. Non-GAAP results exclude after-tax intangibles amortization, results from divestitures, restructuring and other charges. The Company recorded intangible amortization expense of $29.3 million and $17.3 million during the six months ended September 30, 2005 and September 30, 2004, respectively. The Company also recorded restructuring charges of $83.0 million and $57.1 million during the six months ended September 30, 2005 and September 30, 2004, respectively, which were primarily related to the closures and consolidations of various manufacturing facilities. The Company also recorded a $15.0 million bad debt reserve during the six months ended September 30, 2005 associated with accounts receivable with Delphi, who recently filed for bankruptcy. The divestiture of the Semiconductor and Network Services divisions resulted in pre-tax income of $70.7 million for the six months ended September 30, 2005. The tax impacts related to all of these items and other non-operational tax adjustments amounted to $88.1 million of tax expense in the six months ended September 30, 2005 and a tax benefit of $64.6 million during the six months ended September 30, 2004.

SCHEDULE III

FLEXTRONICS INTERNATIONAL LTD. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands)

(Unaudited)

	September 30, 2005		March 31, 2005
ASSETS
Current Assets:
Cash and cash equivalents	$	1,150,454	$	869,258
Accounts receivable, net		1,726,896		1,842,010
Inventories		1,721,887		1,518,866
Deferred income taxes		9,649		12,117
Other current assets		630,555		544,914
Total current assets		5,239,441		4,787,165
Property and equipment, net		1,622,965		1,704,516
Deferred income taxes		590,095		684,952
Goodwill and other intangibles, net		3,227,069		3,502,189
Other assets		422,984		328,750
Total assets	$	11,102,554	$	11,007,572
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Bank borrowings and current portion of long-term debt	$	23,091	$	17,448
Current portion of capital lease obligations		620		8,718
Accounts payable		2,948,934		2,523,269
Other current liabilities		1,164,035		1,330,759
		4,136,680		3,880,194
Long-term debt, net of current portion:
Capital lease obligations		1,984		9,141
Zero Coupon Convertible Junior Subordinated Notes due 2008		195,000		200,000
1% Convertible Subordinated Notes due 2010		500,000		500,000
6 1/2% Senior Subordinated Notes due 2013		399,650		399,650
6 1/4% Senior Subordinated Notes due 2014		461,748		490,270
Other		7,659		110,509
Other liabilities		150,146		193,760
Total shareholders’ equity		5,249,687		5,224,048
Total liabilities and shareholders’ equity	$	11,102,554	$	11,007,572