Apple supplier Foxconn’s Q1 profit up 5% – Times of India


TAIPEI: Apple Inc provider Foxconn reported a largely in line 5% rise in first-quarter revenue as chip shortages, provide chain points and sluggish spending for electronics amid Covid-19 lockdowns in China curbed demand.
The Taiwanese firm, the world’s largest contract electronics maker, reported a 4% rise in first-quarter income and mentioned it anticipated income for the second quarter to be flat as demand for client electronics together with smartphones – its key development driver – has stalled.
Foxconn expects income for 2022 to be flat. It didn’t present a numerical outlook.
Internet revenue for the January-March quarter rose to $985.48 million.
Foxconn, like different international producers, has grappled with a extreme scarcity of chips that has squeezed smartphone manufacturing, and extra lately with a downturn in main markets amid excessive inflation and the warfare in Ukraine.
Whereas the corporate, formally known as Hon Hai Precision Trade Co Ltd, has beforehand mentioned that Covid-19 controls in China has solely had a restricted influence on its manufacturing, demand for its merchandise within the nation has suffered as individuals stay shut in.
Foxconn shares closed 1% decrease forward of the earnings launch, versus a 2.4% drop within the broader market. They’ve fallen about 2% up to now this yr, giving the corporate a market worth of $48.1 billion.


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