Taiwan’s prominent contract electronics manufacturer, Foxconn, renowned as the largest globally and a significant Apple supplier, revealed a 1.23% decline in year-on-year revenue for July. Despite this setback, the company remains optimistic about a forthcoming recovery in the third quarter.
Foxconn, officially known as Hon Hai Precision Industry Co Ltd (2317.TW), reported total revenue of T$469.23 billion ($14.82 billion) for the previous month. Impressively, this figure represents an almost 11% increase compared to June.
The company attributed the robust performance to heightened demand for its smart consumer electronics, particularly smartphones. Notably, this segment achieved substantial double-digit growth compared to the previous year. Major industry players like Apple contributed to this surge, as they prepare for the launch of new products. As a result, Foxconn’s July revenue stands as the second-highest ever recorded for this month.