Foxconn sales drop 14% to $41.76 bn in second-quarter

Taiwan’s Foxconn, a major iPhone assembler for Apple, said that its revenue dropped 13.8 percent year-on-year to T$1.3 trillion ($41.76 billion) in second quarter of 2023.
Apple supplier FoxconnFoxconn said the outlook for the third quarter was brighter ahead of peak shopping season at the end of the year.

Foxconn, formally called Hon Hai Precision Industry, is the world’s largest contract electronics maker. It will report its second quarter earnings on August 14.

For smart consumer electronics products, which include smartphones and are the company’s main business driver, revenue in the second quarter dropped, coming off a higher base in the year ago period, Foxconn said in a statement without giving details.

Foxconn said for the month of June, sales fell 19.7 percent year-on-year, though at T$422.8 billion it was still the second highest figure on record for the same period.

“The outlook for the third quarter, which will be better than the second quarter, is expected to increase at an on quarter pace higher than seen in the previous two years,” Foxconn said in a news statement issued today.

“When compared to the pre-pandemic period, the growth rate is expected to be approximately on par.”

The first half of the year is slower for Taiwan tech manufacturers as major electronics vendors including Apple launch new products near the year-end holiday season.

Foxconn posted a 56 percent plunge in first-quarter net profit, lagging forecasts in its biggest quarterly fall in three years. It took a $565 million write-off linked to its 34 percent stake in Japanese electronics maker Sharp.