Foxconn revenue surges 24% to $55 bn in July-September

Apple supplier Foxconn has reported revenue of about $55 billion, registering growth of 24.4 percent, in the third quarter (July-September) of 2022.
Apple supplier FoxconnFoxconn on Tuesday said it is “cautiously optimistic” about the outlook for the festive quarter (Q4). Foxconn is currently preparing to build a semiconductor manufacturing facility in a joint venture with Vedanta in India.

Revenue of Foxconn rose 13.66 percent to NT$4664.9 billion during the first nine months of 2022.

Foxconn said consumer electronics products as well as Cloud and networking products demonstrated strong on-month growth, while computing products and components and other products showed significant growth.

Consumer electronics products were driven by new product launches and smooth mass production and as the impact from pandemic control in China was limited, revenue in September delivered significant growth.

Foxconn said revenue in September was up 40.39 percent YoY to NT$822.3 billion with growth across four major products categories.

Revenue of Foxconn from smart consumer electronics, which includes its smartphone business, showed double-digit growth in the third quarter, thanks to new product launches and smooth mass production.

Apple’s new iPhone 14 went on sale last month.

Foxconn had previously forecast flat revenue growth for the third quarter for consumer electronics, including smartphones.