Foxconn forecasts revenue growth in Q2 after dip in Q1

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Foxconn, the world’s largest contract electronics manufacturer and key assembler of Apple’s iPhone, anticipates a rise in second-quarter revenue following a quarter that fell short of market expectations.

The first quarter is typically quieter for Taiwan’s tech firms, as they gear up to supply smartphones, tablets, and electronics for Western markets’ year-end holiday season.

While acknowledging the second quarter as a traditional off-peak period, Foxconn expects growth both quarter-on-quarter and year-on-year. However, it did not provide specific numerical guidance. In the first quarter, revenue declined by 9.6% year-on-year to T$1.322 trillion, falling short of the T$1.401 trillion LSEG SmartEstimate.

Foxconn attributed the decline in first-quarter revenue from smart consumer electronics products, including smartphones, to a high base from the previous year, when it rushed to fulfill orders after reopening a key factory in China’s Zhengzhou following COVID-19 disruptions.

Source: Reuters

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