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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

Technology

Technology

Foxconn Q2 sales drop 14%, Q3 outlook brighter before year-end peak

A woman walks past the logo of Foxconn outside the company's building in Taipei, Taiwan Novembe... A woman walks past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. REUTERS/Ann Wang/File Photo
A woman walks past the logo of Foxconn outside the company's building in Taipei, Taiwan Novembe... A woman walks past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. REUTERS/Ann Wang/File Photo

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Apple Inc. (AAPL.O) iPhone assembler Foxconn reported a 13.8% dip in second-quarter revenue but a brighter prognosis for the third quarter ahead of the peak shopping season.

Foxconn (2317. TW), formerly Hon Hai Precision Industry Co Ltd, reported revenue of T$1.3 trillion ($41.76 billion) in April-June, meeting estimates.
The company’s major business driver, smart consumer electronics devices like smartphones, saw revenue dip in the second quarter from a higher base in the year before.

Sales plummeted 19.7% year-over-year to T$422.8 billion in June, the second-highest total.

“With the second half of the year peak season currently underway, operations will gradually ramp up,” the business added.

“The outlook for the third quarter, which will be better than the second, is expected to increase at an on-quarter pace higher than seen in the previous two years,” it stated.

“The growth rate should be comparable to pre-pandemic levels.”

Taiwan tech manufacturers, including Apple, typically unveil new goods in the second half of the year.

Foxconn published second-quarter profits on August 14.

Foxconn’s first-quarter net profit fell 56%, below estimates. It wrote out $565 million for its 34% investment in Sharp Corp (6753.T). Foxconn shares are up 8.6% this year, underperforming the Taiwan market (.TWII) at 20.1%. They fell 1.4% on Wednesday, while the market fell 0.5%.


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