Apple supplier Foxconn posts 9% fall in first-quarter revenue

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107201984 1677715037605 gettyimages 1455025798 vcg111346831311

Foxconn, the manufacturer of Apple iPhones, reported a 9.6% decline in revenue for the first quarter of 2024 compared to the same period last year. The company, trading as Hon Hai Precision Industry in Taiwan, generated a first-quarter revenue of 1.32 trillion New Taiwan dollars ($41.2 billion), a 28.58% decrease from the previous quarter and below economists’ expectations. Despite this, Foxconn anticipates revenue growth in the second quarter, even though it acknowledges that it is currently in a traditional off-peak season.

Foxconn, the manufacturer of Apple’s iPhones, reported a 9.6% dip in revenue for the first quarter of 2024 compared to the same period last year. The company’s first-quarter revenue was 1.32 trillion New Taiwan dollars, which was also 28.58% lower than the fourth quarter of last year. Despite this decline, Foxconn expects revenue to grow in the second quarter, although it is traditionally a slower season. The company’s performance fell below economists’ expectations in a recent poll.

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