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Foxconn reports record April sales and confirms that Q2 revenue will rise

Foxconn, the powerhouse behind Apple’s iPhone assembly, is poised for a robust second quarter, despite the typical lull in activity during this period. Their recent statement underscores an optimistic outlook, anticipating growth both sequentially and year-over-year. Although they refrained from providing specific figures, their announcement hints at a positive trajectory for the upcoming months.

April proved to be a standout month for Foxconn, with record-breaking revenue of T$510.9 billion, marking a substantial 19% increase compared to the same period last year. Notably, their smart consumer electronics division, encompassing smartphones, experienced notable year-on-year growth, reflecting sustained demand in this segment. Additionally, the burgeoning appetite for artificial intelligence (AI) servers contributed to significant growth in their cloud and networking products segment, further bolstering their revenue stream.

The upcoming first-quarter earnings call on May 14th will shed more light on Foxconn’s performance. Despite a slight dip in revenue in the first quarter, the company remains optimistic, especially with the promising outlook from Apple’s recent quarterly results and forecast. CEO Tim Cook’s assurance of revenue growth in the current quarter bodes well for Foxconn, given its integral role in supplying tech giants like Apple.

Foxconn’s bullish stance for the year, buoyed by the surge in demand for AI servers, contrasts with the subdued sentiment earlier in the year. This optimism is reflected in the remarkable 50% surge in Foxconn’s shares since the beginning of the year, outpacing the broader market’s gains. Closing up 1.3% on Friday, the momentum seems to be favoring Foxconn as it navigates through the dynamic landscape of the electronics industry.

Sadhna B

Sadhna B

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