Foxconn expects drop in Q3 net profit and revenue, eyes Q4 growth By Investing.com
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<p>Foxconn Technology Group, the world’s largest contract electronics manufacturer, is expected to report a decline in its third-quarter net profit and revenue on Tuesday. According to S&P Global Market Intelligence data, the company is anticipated to announce a 10% decrease in net profit to NT$34.89 billion (US$1.08 billion), down from NT$38.76 billion during the same period last year. The unaudited figures also suggest a 12% fall in third-quarter revenue to NT$1.543 trillion.</p>
<p>The drop in revenue for October was marked by a 4.6% decline to NT$741.20 billion, impacted by reduced sales of cloud and networking products as well as a decrease in demand within the personal-computer market. Despite these setbacks, Foxconn remains optimistic about its business prospects, projecting substantial growth in the fourth quarter and shifting investor focus towards future estimates.</p>
<p>Foxconn’s financial performance has been affected by broader economic challenges, including global high inflation rates. The company saw its operating profit margin dip to 2.37% in the second quarter, down from 2.77% in the first quarter and a decrease from 2.94% the previous year.</p>
<p>In related news, Chinese state media have reported that Foxconn is cooperating with Chinese authorities on investigations into tax and land-use discrepancies. This development comes as businesses globally grapple with regulatory scrutiny amidst an economically turbulent environment.</p>
<p><em>This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.</em></p>
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<br /><a href="https://www.investing.com/news/stock-market-news/foxconn-expects-drop-in-q3-net-profit-and-revenue-eyes-q4-growth-93CH-3231977">Source link </a></p><p>The post <a href="https://forextraderhub.com/foxconn-expects-drop-in-q3-net-profit-and-revenue-eyes-q4-growth-by-investing-com.html">Foxconn expects drop in Q3 net profit and revenue, eyes Q4 growth By Investing.com</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>
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