© Reuters. FILE PHOTO: Foxconn emblem is seen on this illustration taken, May 2, 2023. REUTERS/Dado Ruvic/Illustration/File Photo
TAIPEI (Reuters) -Apple Inc provider Foxconn reported on Tuesday a shock 11% improve in third-quarter revenue, boosted by robust demand for smartphones forward of the year-end vacation procuring season in Western markets.
Net revenue for the July-September quarter rose to T$43.1 billion ($1.3 billion), beating market estimates for an 11% drop.
The world’s largest contract electronics maker stated, nonetheless, that it expects revenues for the fourth quarter and the total yr would log slight declines, although the fourth quarter can be a bit higher than beforehand anticipated.
“We have entered the traditional season of hot sales in the second half and our operations are set to gradually improve quarter on quarter,” Chairman Young Liu informed an earnings briefing.
Apple (NASDAQ:), which in September launched a brand new collection of iPhones, this month gave a gross sales forecast for the vacation quarter that missed Wall Street expectations, damage by weak demand for iPads and wearables.
Foxconn’s good shopper electronics division, which incorporates smartphones, makes up about half of its whole income.
The earnings announcement comes amid a lot investor deal with studies that the corporate has change into the topic of a tax probe in China.
The tax investigation was first reported by the state-backed, strongly nationalist Chinese tabloid the Global Times, however in its English model of the story it recommended what China was truly sad about was that Foxconn founder Terry Gou is working for president as an impartial, a call he introduced in August.
Shares of Foxconn closed up 2.4% forward of the earnings announcement, beating a 0.5% achieve for the benchmark index.
($1 = 32.3430 Taiwan {dollars})
