Foxconn Predicts Strong Q4 Sales After September Dip

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The fourth quarter is typically a peak season for Taiwan’s tech firms as they hurry to provide smartphones, tablets, and other electronic devices to leading brands like Apple in preparation for the year-end holidays in Western regions.

Taiwan’s Foxconn, the contract electronics manufacturer and a key Apple partner, anticipates robust year-end holiday sales, even after a decline in September sales. This dip in sales followed a period of heightened demand for consumer electronics. Taiwanese tech firms usually experience a surge in demand during the fourth quarter as they endeavour to fulfil orders for electronics like smartphones and tablets for big brands like Apple, catering to the festive season rush in Western countries.

Last month, Apple introduced its latest iPhone series, which features a titanium casing, an advanced chip, and enhanced gaming capabilities. However, the price of the new iPhone 15 remained unchanged, mirroring the global downturn in smartphone sales. Foxconn commented that the latter half of the year is usually a peak period for consumer tech goods, expecting a sequential escalation in operations. “There should be a marked uptick in the fourth quarter compared to the third,” the company noted, without giving further details.

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Despite surpassing second-quarter profit expectations in August, driven by a thriving AI sector, Foxconn maintained a measured forecast for the year amidst global economic unpredictability.

Officially recognized as Hon Hai Precision Industry Co Ltd, Foxconn reported revenue of USD 660.7 billion (USD 20.46 billion) in the past month, a 19.7% year-on-year decrease, yet a remarkable 60.1% increase from August. The third-quarter revenue saw an 11.7% dip year-on-year, though it rose 18.4% from the second quarter. The company observed a significant month-on-month expansion in its smart consumer electronics segment, including smartphones, attributing this to fresh product releases in September.

While Foxconn remains the premier iPhone production company, it’s also venturing into the electric vehicle market. They highlighted that the previous month saw increased automotive parts shipments, bolstering year-on-year growth for its components sector. The company reported declining September year-on-year revenue for cloud and networking products, including servers, due to a “restrained customer demand.” Foxconn will disclose its third-quarter earnings on Nov. 14, where more information regarding its projections will be shared.

On Thursday, before the announcement of its September sales, Foxconn’s shares on the Taipei exchange rose by 0.5%, compared to a 1.1% ascent for the overall market. This year, Foxconn’s stock has climbed 3.6%, resulting in a market capitalization of USD 44.1 billion.

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