TECH - Apple Supplier Reports Revenue Dip But Expects Growth Ahead As The AI Revolution Created Room For Contributors | Benzinga
Hon Hai Precision Industry Co. Ltd (OTC: HNHPF)-owned Foxconn that manufactures iPhones that are the apple of the eye of Apple Inc (NASDAQ: AAPL) reported its first quarter results. With the first quarter being a typically quiet period, it comes as no surprise that Foxconn posted a revenue dup. However, Foxconn is expecting revenue growth in the second quarter despite it still being an off-peak season.
First quarter highlights
For the first quarter, Foxconn posted a 9.6% drop in revenue, however, Apple supplier noted that its cloud and networking segment reported significant revenue growth. But total revenue amounted to 1.32 trillion New Taiwan dollars which equates to about $41.2 billion and it was also 28.58% lower compared to the previous, fourth, quarter. But, fourth quarter is usually when suppliers race ...