iPhone Assembler Foxconn’s April Sales Fall 12 Percent On Slow Smartphone Business
Taiwan’s Foxconn, the world’s largest contract electronics maker and major iPhone assembler, said on Friday revenue in April fell 11.77 percent year-on-year due to weakness in smart consumer electronics, and expected business to drop this quarter.
Foxconn said revenue last month reached T$429.2 billion (roughly Rs. 1,31,200 crore), in line with the company’s own expectations.
For smart consumer electronics products, which include smartphones and are the company’s main business driver, revenue in April declined as it entered the “traditional slow season”, the company said in a statement, without elaborating.
Business in the second quarter is expected to decline due to a high base last year and “the seasonal off-peak period” amid a transition between old and new products, it said.
The first half of the year is traditionally slower for Taiwan tech manufacturers as major electronics vendors including Apple launch new products near the year-end holiday season.
Apple results for the quarter ended April 1 beat expectations on Thursday, thanks to better-than-expected iPhone sales and inroads in India and other newer markets.
Foxconn will report first quarter earnings on May 11 when it will also give an update on its outlook for the full year.
The company in March predicted revenue for the full year to be flat, with weak demand for consumer electronics offset by growth in computing, cloud, networking and component products.
Foxconn shares have risen 5.1 percent so far this year, lagging the broader Taiwan market, which is up 10.5 percent.
© Thomson Reuters 2023
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)
Check out our Latest News and Follow us at Facebook