Foxconn, the world’s largest contract electronics maker and a major supplier to Apple, reported a slight drop in second-quarter net profit. The company’s profit for the April-June quarter was TWD 33 billion (roughly Rs. 8,578 crore), down 1 percent from the previous year. Despite the decline, this result was better than the average forecast of TWD 25.57 billion profit from 13 analysts. However, Foxconn expects a slight decline in revenue for its smart consumer electronics products, including smartphones, in the third quarter. This segment makes up about half of Foxconn’s total revenue. Additionally, the company downgraded its outlook for full-year revenue, expecting a slight decline instead of previous guidance for flat growth.
Despite these challenges, Foxconn’s shares rose 1.4 percent ahead of the results, indicating investor confidence. The company’s shares have risen 10 percent so far this year. Earlier this month, Foxconn announced a 1.23 percent year-on-year decline in July revenue. However, it expects a rebound in the third quarter due to increased demand for its smart consumer electronics products, particularly smartphones. The company recorded double-digit growth in this segment compared to last year, with major vendors like Apple preparing for new product launches.
While the smart consumer electronics segment performed well, other businesses such as computing products and cloud and networking products saw a decline in revenue compared to the previous year. However, the company did not provide further details on these declines.
© Thomson Reuters 2023
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