TAIPEI (RockedBuzz via Reuters) – Taiwanese Foxconn, a major iPhone builder for Apple Inc, said on Wednesday that second-quarter revenue fell 13.8% year over year, but the outlook for the third quarter was brighter. ahead of the peak shopping season at the end of the year.
Foxconn, formally called Hon Hai Precision Industry Co Ltd and the world’s largest contract electronics manufacturer, said revenue in the April-June period reached T$1.3 trillion ($41.76 billion), in line with your expectations.
For smart consumer electronics products, which include smartphones and are the company’s main business driver, revenue in the second quarter fell off a higher base in the year-ago period, it said in a statement. without providing details.
For the month of June, sales fell 19.7% year over year, although 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 now underway, operations will gradually ramp up,” the company said.
“The outlook for the third quarter, which will be better than the second quarter, should increase at a faster rate than seen in the previous two years,” he said.
“Compared to the pre-pandemic period, the growth rate should be approximately on par.”
The first half of the year is traditionally slower for Taiwan’s tech makers as major electronics suppliers, including Apple, launch new products closer to the year-end holiday season.
Foxconn reports its second-quarter earnings on Aug. 14.
Foxconn reported a 56% decline in first-quarter net income, lagging expectations of its biggest quarterly drop in three years. It took a $565 million cancellation related to its 34% stake in Japanese electronics maker Sharp Corp. Foxconn’s shares are up 8.6% this year, lagging the broader Taiwan market, which grew by 20.1%. They closed down 1.4% on Wednesday, compared with a 0.5% drop for the broader market.
($1 = 31.1290 Taiwan dollars)
(Reporting by Ben Blanchard; editing by Robert Birsel)
