Apple assembler Foxconn posts 9% drop in first-quarter revenue

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 recorded first-quarter revenue of 1.32 trillion New Taiwan dollars ($41.2 billion), 9.6% lower year over year and 28.58% lower versus the previous (Christmas) quarter.
Ryan Browne and Lim Hui Jie for CNBC:
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The first quarter is typically a quiet one for smartphone parts manufacturers, as consumer appetite for handsets tends to wane. In the fourth quarter, tech suppliers often race to supply smartphones, tablets, and other electronics for tech giants like Apple, to satisfy demand over the holiday period.
There is currently no available data for smartphone shipments in the first quarter of 2024.
In a March investor update, Foxconn put out a bullish forecast for revenue saying it expects a significant rise boosted by booming demand for AI servers.
The company is expected to hold its next earnings call on May 14.
Last year, Foxconn and chipmaking powerhouse Nvidia said they were teaming up on the development of “AI factories,” which they call a new class of data center that uses Nvidia chips to power a “wide range” of applications, including training autonomous vehicles, robotics platforms and large language models.

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MacDailyNews Note: Foxconn said in a statement that this year’s second quarter “remains a traditional off-peak season, and major products are entering a period of transition between old and new products.” Foxconn also said the outlook for the second quarter would be for growth both quarter-on-quarter and year-on-year.
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