Apple supplier Foxconn reported a 1% drop in second-quarter net profit on Monday as global economic woes hurt demand for smart consumer electronics. The Taiwan-based company, the world’s largest electronics contract manufacturer, said net profit fell to NT$33 billion (Rs 85.78 billion) in the April-June quarter from a revised NT$33.29 billion (Rs 86.54 billion) a year earlier. ). Previous year.

That was better than the NT$25.57 billion (Rs 66.48 billion) profit forecast by 13 analysts on average, according to Refinitiv data. Foxconn said it expects revenue from smart consumer electronics to decline slightly year-on-year in the third quarter. The category includes smartphones and accounts for about half of Foxconn’s total revenue.

Overall revenue in the third quarter would also decline slightly, the Taiwanese company said, and lowered its full-year revenue outlook to a slight decline from its previous guidance of flat. Shares of Foxconn rose 1.4 percent ahead of Monday’s results, compared with a 1.3 percent decline in the broader market. Its shares have risen 10% so far this year.

Earlier this month, Foxconn Announce Revenue in July fell 1.23% year-on-year, and business is expected to rebound in the third quarter. Foxconn, formally known as Hon Hai Precision Industry, said revenue reached NT$469.23 billion (Rs 121.99 billion) last month, up nearly 11 percent from June.

Revenue was the second-highest in July due to “increasing customer appeal to its smart consumer electronics products, including smartphones,” the company said. The segment posted double-digit growth from a year ago as key suppliers such as Apple gear up for new product launches later this year, the report said.

Other businesses, which include computing products such as PCs and cloud and networking products, were down from a year ago, the company said, without elaborating.

© Thomson Reuters 2023

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