Despite the fall seen in the first quarter, the company expects a better second quarter in terms of revenue.
Foxconn recorded a first quarter revenue of 1.32 trillion New Taiwan dollars, 9.6% lower year-on-year and 28.58% lower compared to the last quarter.
The first quarter is typically a quiet one for smartphone parts manufacturers, as consumer appetite for handsets tends to wane.of 1.32 trillion New Taiwan dollars , which was also 28.58% lower compared to the fourth quarter of last year. It was also below economists' expectations in an LSEG poll. The first quarter is typically a quiet one for smartphone parts manufacturers, as consumer appetite for handsets tends to wane. In the fourth quarter, tech suppliers often race to supply smartphones, tablets and other electronics for tech giants like Apple, to satisfy demand over the holiday period.Foxconn said that cloud and networking products was a bright spot for the Taiwanese technology giant, and that it saw significant growth in the segment.
Foxconn is increasingly being viewed as a beneficiary of the recent buzz surrounding artificial intelligence. Its stock has risen 14% in the past 12 months.
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