On Wednesday, Foxconn, the world’s largest contract electronics maker and Apple Inc. (AAPL.O) iPhone assembler, reported that first-quarter revenue climbed 3.9% year-over-year but that current-quarter sales would fall.
The corporation reported that March revenue was the third highest on record at T$400.3 billion ($13.14 billion), down 21.1% year-over-year.
Foxconn (2317. TW), formerly Hon Hai Precision Industries Co Ltd., said its first-quarter sales of T$1.46 trillion were a record high and in line with earlier projections.
Due to new product introductions last year, smart consumer electronics sales, including smartphones, fell in March.
After an “unseasonally significant pull-in in the first half of last year which happened as the components scarcity from 2021 eased,” the business expects the second quarter to decline quarter-on-quarter and year-on-year.
On May 11, the firm will disclose first-quarter profits and update its quarterly and yearly forecasts.
Last month, the firm anticipated flat sales for the year due to strong growth in computer, cloud, networking, and component goods and sluggish consumer electronics demand.
Foxconn’s consumer electronics revenue exceeds 50%.
Foxconn shares have up 4.1% this year, underperforming the Taiwan market (.TWII) at 12.2%.
Taiwanese holidays they shuttered the market on Wednesday.
