Foxconn Reports Revenue Drop in April Due to Weak Consumer Electronics Market

Foxconn's shares have increased by 5.1% so far this year, which is behind the broader Taiwan market, up 10.5%. Apple exceeded expectations in its quarterly earnings results for the quarter ended April 1, owing to better-than-anticipated iPhone sales and advancements in India and other emerging markets.

Highlights

  • Foxconn reported an 11.77% YoY drop in revenue in April due to the sluggish performance of smart consumer electronics.
  • The revenue for April was T$429.2 billion ($14 billion), which is consistent with the company's own predictions.
  • On May 11, Foxconn will release its first-quarter earnings and provide an update on its outlook for the full year.

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Foxconn

Foxconn, the world's biggest electronics contract manufacturer and a major assembler of iPhones, reported an 11.77% YoY drop in revenue in April due to the sluggish performance of smart consumer electronics. According to a Reuters report, the revenue for April was T$429.2 billion ($14 billion), which is consistent with the company's own predictions. Revenue from smart consumer electronics products, which include smartphones and are Foxconn's primary business driver, decreased last month due to entering the traditional slow season, according to the company.




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Additionally, Foxconn expects a decline in business during the current quarter because of a high base last year and the seasonal off-peak period in between the launch of old and new products. The first half of the year tends to be slower for Taiwan tech manufacturers as major electronics vendors like Apple launch new products near the year-end holiday season.

Read More - Apple Plans to Resume iPhone 13 Production at Foxconn Plant in April

On May 11, Foxconn will release its first-quarter earnings and provide an update on its outlook for the full year. In March, the company predicted flat revenue for the entire year, with growth in computing, cloud, networking, and component products offsetting weak demand for consumer electronics.

Foxconn's shares have increased by 5.1% so far this year, which is behind the broader Taiwan market, up 10.5%. Apple exceeded expectations in its quarterly earnings results for the quarter ended April 1, owing to better-than-anticipated iPhone sales and advancements in India and other emerging markets.

Reported By

Tanuja is a passionate technology and telecom buff who has been following the telecom industry for several years now.

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