AAPL - Apple manufacturing partner Foxconn reports July sales decline expects Q3 increase

2023-08-07 07:17:31 ET

Apple ( NASDAQ: AAPL ) manufacturing partner Foxconn said on Saturday that revenue declined 1.23% year-over-year in July, though it expects third-quarter sales to rise sequentially and be higher than the average level of the past two years.

Formally known as Hon Hai Precision ( OTCPK:HNHPF ), Foxconn said July revenue came in at T$469.23B, or $14.82B, aided by "double-digit growth" in cloud and networking products and smart consumer electronics products.

Components and other products rose single-digits, while computing products performance was "flattish" month-over-month.

However, Foxconn said that continued weakness in the PC market resulted in a slight decline year-over-year for computing products.

Looking to the third-quarter, Foxconn said operations will "gradually ramp up" and the outlook for the period will be better than the second-quarter and "is expected to increase at an on-quarter pace higher than the average level of the previous two years."

Apple ( AAPL ) is widely expected to unveil its iPhone 15 in September, with the product slated to go on sale in the latter part of the month.

More on Foxconn

• Foxconn to spend $600M in India for iPhone parts, chip-making machinery - report
• Foxconn mulls team up with Taiwan Semiconductor, TMH to make chips in India
• Foxconn EV unit sees India, Thailand as targets for new small car

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