HNHPF - Apple's Key Supplier Foxconn Reports 9% Decline In First-Quarter Revenue Anticipates Growth In Future | Benzinga
Foxconn (OTC:HNHPF) a key supplier for Apple Inc. (NASDAQ:AAPL), saw a 9% decline in its first-quarter revenue for 2024.
What Happened: The company’s first-quarter revenue totaled 1.32 trillion NT$ ($41.2 billion), CNBC reported on Friday. This figure represents a 9.6% drop from the same period last year and is 28.58% lower than the fourth quarter of the previous year.
The disclosed revenue fell short of economists’ predictions in an LSEG poll. Nevertheless, Foxconn projects a revenue increase for the second quarter of 2024, despite it being typically considered an “off-peak season.”
Why It Matters: The revenue dip comes amid Foxconn broadening its horizons beyond being an Apple supplier. In March, the ...