Foxconn, the world’s largest contract electronics maker and major iPhone assembler for Apple, said its revenue increased 3.9 percent to NT$1,462.7 billion in the first quarter of 2023.
Foxconn’s Q1 revenue fell 25.26 percent quarter-on-quarter.

Foxconn forecasts that its sales for the second quarter of the current year would be down. Foxconn said the revenue outlook for the second quarter is expected to decrease on a quarter-on-quarter and year-on-year basis.

Foxconn generates more than half of its revenue from consumer electronics business.

Foxconn said its revenue from consumer electronics business achieved significant growth in the first quarter.

Foxconn’s revenue growth from cloud and networking business was flat.

Foxconn’s revenue from computing business declined slightly in the wake of slow demand in the global PC market.

Foxconn’s revenue from component business also declined slightly.

Foxconn will report first quarter earnings on May 11 when it will also give an update on its outlook for the current quarter and full year.

Foxconn last month predicted revenue for the full year to be flat, as weak demand for consumer electronics would be offset by significant growth in computing, cloud, networking and component products.