Apple supplier Foxconn records 5% rise in Q3 profit
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.
The issue of inflation is currently of less importance in the foreign exchange market. Thus, according to economists at Commerzbank, dollar bears will not suffer losses even on the release of optimistic nonfarm payrolls.
Yesterday at 12:16 PMObviously there has been a structural shift in the markets toward a bearish dollar position. According to economists at Internationale Nederlanden Groep (ING), current U.S. nonfarm payrolls data may not cause an inversion of this trend.
Yesterday at 12:10 PMEuropean Central Bank President Christine Lagarde stated that inflation expectations should not change. People should be confident that price growth will return to the target level.
Yesterday at 11:56 AMCentral banks have recently been stepping up measures to combat global inflation. Investors, meanwhile, are actively discussing the continuation of high price levels amid limited supply.
Yesterday at 11:30 AMThe focus is on the OPEC+ meeting and the entry into force of bans related to the import of Russian oil.
Yesterday at 12:59 PM