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10 November 2022 | Other

Apple supplier Foxconn records 5% rise in Q3 profit

Apple Inc

Foxconn reported third-quarter net income rose 5% to T$38.8 billion ($1.22 billion) from an average estimate of T$41 billion. Revenue rose 24% to T$1.75 trillion, beating estimates of T$1.52 trillion. The company's stock fell 2%.

Foxconn refrained from clarifying its forecasts. However, company executives will be available to answer analyst questions during a conference call.

If Foxconn can resume production soon and get the Covid situation under control, sales should gradually recover in the second half of November.

The disruption coincides with the holiday shopping season in the U.S., as well as a sharp slowdown in demand for electronics around the world. On Sunday, Apple warned that it intends to ship fewer premium devices than expected because of the Zhengzhou blockage.

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