Foxconn’s July sales drop 1.23% y/y, Q3 outlook better By Reuters

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<span>© Reuters. FILE PHOTO: Foxconn logo is seen in this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration/File Photo</span><br />
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<p>TAIPEI (Reuters) – Taiwan’s Foxconn, the world’s largest contract electronics maker and a major supplier for Apple (NASDAQ:), said on Saturday revenue in July fell 1.23% year-on-year but forecast a business rebound for the third quarter.</p>
<p>Foxconn, formally called Hon Hai Precision Industry Co Ltd, said revenue last month reached T$469.23 billion ($14.82 billion), up nearly 11% from June.</p>
<p>The company said revenue was the second-highest for the month of July, thanks to “customers’ increasing pull-in” for its smart consumer electronics products, including smartphones. That segment recorded double-digit growth from a year ago, it said, as major vendors such as Apple gear up for new product launches later this year.</p>
<p>Other businesses, including computing products such as PCs and cloud and networking products, declined from a year ago, the company said, without elaborating. </p>
<p>“With the second half of the year peak season currently underway, operations will gradually ramp up,” the company said in a statement.</p>
<p>“The outlook for the third quarter, which will be better than the second quarter, is expected to increase at an on-quarter pace higher than seen in the previous two years,” it said.</p>
<p>The first half of the year is traditionally slower for Taiwan tech manufacturers as major electronics vendors including Apple launch new products near the year-end holiday season. </p>
<p>Second-quarter revenue dropped 13.8% year-on-year, in line with the company’s expectations, Foxconn said in July. It reports third-quarter earnings on Aug. 14.</p>
<p>($1 = 31.6520 Taiwan dollars) </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/foxconns-july-sales-drop-123-yy-q3-outlook-better-3145983">Source link </a></p><p>The post <a href="https://forextraderhub.com/foxconns-july-sales-drop-1-23-y-y-q3-outlook-better-by-reuters.html">Foxconn’s July sales drop 1.23% y/y, Q3 outlook better By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>