Foxconn posts revenue of T$1.5 trillion and net profit of T$33.29 bn

Foxconn reported revenue of T$1.5 trillion (+12 percent) and net profit of T$33.29 billion (+12 percent) during the April-June quarter of 2022.
Apple supplier FoxconnTaiwan-based Foxconn’s higher-than-expected jump in April-June net profit was driven by strong demand for its smartphones and cloud products.

Foxconn, the world’s largest contract electronics maker, said smart consumer electronics including smartphones – its main business driver – posted significant growth in the second quarter and accounted for half of its overall revenue. Foxconn is a major supplier to Apple.

Foxconn said it expects flat revenue growth for that business in the quarter ending September as demand for smartphones and smart wearable devices slows after a period of pandemic-fuelled robustness.

Foxconn has grappled with a severe shortage of chips that has squeezed production, and more recently a downturn in major markets amid high inflation and the war in Ukraine.

Foxconn said it anticipates revenues for cloud and networking products to be strong in the third quarter. Foxconn reaffirmed its stance from last month that overall revenue this year will grow, rather than a previous guidance of remaining flat.