Foxconn September sales down, but optimism remains about Q4 holiday boost
Foxconn to double workforce, investment in India by ‘this time next year’ Foxconn or Hon Hai Precision Industry, is the world's largest electronics maker. It is also a major supplier for Apple - whose newly launched iPhone includes an improved chip, titanium case and video game capabilities. Price however remains unraised, reflecting the global smartphone slump, the report notes.
In August's Q2 earnings, the manufacturer exceeded estimates largely due to the artificial intelligence (AI) boom, but global uncertainities have pulled numbers down in Q3. September revenues slumped 19.7 percent year-on-year (YoY) to $20.46 billion. It was however, up month-on-month from August by 60.1 percent.
Watch: Foxconn Doubles Down On Its India Plans | Details Q3 revenues slipped 11.7 percent YoY, but jumped 18.4 percent quarter-on-quarter (QoQ). “Revenue in smart consumer electronics products, including smartphones, saw strong growth MoM due to new product launches in September," Foxconn said. While largely an iPhone contrctor, Foxconn has also diversified into electric vehicles (EVs), and said that rising shipments of auto components contributed to significant year-on-year growth for its components and other products business in September.
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