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Foxconn, the world’s biggest contract electronics manufacturer and a key assembler of Apple’s iPhone, anticipates a rise in revenue for the second quarter after facing underwhelming performance in the previous quarter. Despite challenges, the company remains optimistic about future growth opportunities.
The first quarter typically witnesses subdued activity compared to the preceding period as Taiwan’s tech firms gear up to supply electronics for the year-end holiday season in Western markets.
Foxconn’s revenue in the first quarter slid 9.6% year-on-year to T$1.322 trillion, falling short of market expectations.
While the second quarter is traditionally an off-peak season, Foxconn foresees quarter-on-quarter and year-on-year growth.
The company attributes this outlook to the transition phase between old and new products. Although specific details were not provided, Foxconn remains positive about revenue prospects for the upcoming quarter.
In March, Foxconn recorded the second-highest revenue figure for the same period, amounting to T$447.54 billion, marking an 11.8% year-on-year increase.
Despite declining revenue from smart consumer electronics products like smartphones in the first quarter, the company observed significant growth in cloud and networking products, driven by strong customer demand.
Foxconn’s shares have surged by 52% year-to-date, outperforming the broader market’s 13% jump.
The company’s bullish outlook for the year, fueled by booming demand for artificial intelligence servers, underscores its confidence in future growth prospects. Investors await further insights during Foxconn’s first quarter earnings call scheduled for May 14.
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