HNHPF - Apple manufacturing partner Foxconn tops Q2 estimates wary amid global economy

2023-08-14 07:22:03 ET

Apple ( NASDAQ: AAPL ) manufacturing partner Foxconn reported second-quarter results on Monday that topped estimates, but the Taiwanese company stayed cautious for the rest of the year amid concerns about the global economy.

For the April to June quarter, profit came in at T$33B, or $1B, compared to T$33.29B in the year-ago quarter and T$12.8B in the prior quarter .

Looking to the third-quarter, Foxconn expects revenue for its smart consumer electronics unit to decline slightly year-over-year, which is largely made of Apple ( AAPL ) iPhones and other smartphones.

Earlier this month, Foxconn, formally known as Hon Hai Precision ( OTCPK:HNHPF ), said July revenue came in at T$469.23B, or $14.82B and that it expected third-quarter sales to rise sequentially and be higher than the average level of the past two years.

Apple ( AAPL ) shares fell sharply earlier this month after the U.S. tech giant said it expects year-over-year performance in the September quarter to be "similar to the June quarter," adding that foreign exchange will impact revenue by more than 2 percentage points.

During its fiscal third-quarter Apple ( AAPL ) saw a 1.4% year-over-year decline in revenue, marking its third consecutive year-over-year decline in sales.

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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