Major Apple assembler Foxconn reports surprise 11% jump in Q3 profit

The logo of electronics contract manufacturer Foxconn Technology Group, formally known as Hon Hai Precision Industry, is displayed at its headquarters in Taipei. Photo: Agence France-Presse
Major Apple assembler Foxconn on Tuesday reported third-quarter profit rose 11.27% year over year, beating analysts’ expectations.
Sheila Chiang for CNBC:
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The Taiwanese firm reported operating revenue slipped 11.64% from a year ago to NT$1.543 trillion, while net income increased 11.27% from a year ago to NT$43.13 billion, beating analysts’ expectations. Foxconn reported a NT$38.75 billion net profit in the same period a year ago.
The world’s largest contract electronics maker, Hon Hai Technology Group, assembles consumer products like Apple’s iPhones.
“Volumes declined year-on-year largely due to slower than expected recovery in consumer demand. But the market’s quarter-on-quarter growth, especially the positive performance in September despite one full week less of sales of the new iPhones, is likely a sign of positive news ahead,” said Counterpoint Research in a report on Oct. 17. Apple’s iPhone 15 series was launched on Sept. 22…
Research firm Canalys said last week that the global smartphone market is seeing a slowdown in its decline. The market saw just a 1% drop in the third quarter 2023, according to Canalys data.
“Bolstered by regional recoveries and new product upgrade demand, the smartphone market recorded a double-digit sequential growth in third quarter, ahead of the sales seasons,” said Canalys on Oct. 17.

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MacDailyNews Take: Should bode well for AAPL shareholders.
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