Foxconn net profit fell by 56% in the first quarter – Kommersant
[ad_1]
Taiwan’s Hon Hai Precision Industry (Foxconn), Apple’s largest supplier, May 11 introduced first quarter reporting. Its net income fell 56% to NT$12.8 billion ($417.2 million). This is much worse than the forecasts of analysts polled by Refinitiv, who expected earnings to be two and a half times higher.
The company’s revenue increased by 4% to NT$1.46 trillion ($47.5 billion). Foxconn also said that it is difficult for them to assess the outlook for 2023 as a whole, so the company adheres to a “conservative outlook”.
Foxconn’s poor quarterly results are due to a general decline in demand for consumer equipment, including smartphones. According to research firm IDC, smartphone sales in the first quarter fell by 14.6%. At the same time, Apple finished the first quarter is better than expected, although its net income fell by 3%.
Foxconn shares fell 1.3% on Thursday.
[ad_2]
Source link
