Foxconn confirms Q2 revenue will grow, reports record April sales

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Foxconn confirms Q2 revenue will grow, reports record April sales
Foxconn confirms Q2 revenue will grow, reports record April sales

Foxconn, the world’s top contract electronics manufacturer and a major iPhone assembler, reiterated on Sunday that second-quarter revenue would rise and reported record sales in April.

Foxconn, the world’s largest contract electronics manufacturer and the major assembler of Apple’s iPhone, reiterated on Sunday that second-quarter revenue would climb and announced record sales in April. Foxconn (2317.TW) said in a statement that this year’s second quarter “remains a traditional off-peak season, and major products are entering a period of transition between old and new products.”

However, it said, “The operations outlook for the second quarter is expected to show both quarter-on-quarter and year-on-year growth.”

The statement did not elaborate, and the corporation does not provide numerical guidance.

The company, previously known as Hon Hai Precision Industry Co. Ltd., reported that April revenue totaled T$510.9 billion ($15.83 billion), the largest sum on record for the same time and a 19% increase year over year.

In April, revenue from its smart consumer electronics goods, including smartphones, increased “significantly” year on year, the company reported.

Substantial artificial intelligence (AI) server demand also resulted in “strong growth” in the cloud and networking goods market in April compared to the previous year, according to the business.

The monthly sales data is released ahead of Foxconn’s first-quarter results call on May 14.

Foxconn earlier announced that for the first quarter, revenue fell 9.6% year on year to T$1.322 trillion, underperforming T$1.401 trillion. LSEG SmartEstimate, which lends higher weight to estimates from analysts who are accurate.

The first quarter is generally quieter than the previous one, as Taiwan’s tech businesses compete to sell smartphones, tablets, and other devices to key vendors such as Apple for Western markets’ year-end holiday season.

Apple’s (AAPL.O) quarterly results and estimate were above moderate forecasts on Thursday, with CEO Tim Cook predicting revenue growth in the upcoming quarter.

In March, Foxconn adopted a significantly more optimistic forecast for this year, stating on its fourth-quarter earnings call that it projected a big increase in revenue due to growing demand for AI servers.

Foxconn’s stock has risen about 50% this year, outperforming the broader market’s 13% gain (TWII).

They closed up 1.3% on Friday.

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