Apple assembler Foxconn Q2 sales slip 14%, forecasts strong Q3 Wednesday, July 5, 2023 8:30 am
Foxconn, a major assembler for Apple, reported a 13.8% year-on-year drop in second-quarter revenue on Wednesday, but said it expects third-quarter revenue to be brighter ahead of the peak shopping season.
Reuters:
Foxconn, formally called Hon Hai Precision Industry Co Ltd and the world’s largest contract electronics maker, said revenue in the April-June period reached T$1.3 trillion ($41.76 billion), in line with its expectations.
For smart consumer electronics products, which include smartphones and are the company’s main business driver, revenue in the second quarter dropped, coming off a higher base in the year ago period, it said in a statement without giving details.
For the month of June, sales fell 19.7% year-on-year, though at T$422.8 billion it was still the second highest figure on record for the same period.
“With the second half of the year peak season currently underway, operations will gradually ramp up,” the company said. “The outlook for the third quarter, which will be better than the second quarter, is expected to increase at an on quarter pace higher than seen in the previous two years. When compared to the pre-pandemic period, the growth rate is expected to be approximately on par.”
MacDailyNews Take: Foxconn, which assembles products for myriad companies beyond Apple, reports its second quarter earnings on August 14th.
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