Foxconn Aims Higer Revenue Targets In Q2 After Underperformance

Taiwanese electronic manufacturer Foxconn aims for higher revenue targets in the second quarter, following its underperformance in the last quarter, which was below the market expectation.

In a statement, the company said although this year the second quarter is expected to be a traditionally off-peak season it still expects a significant growth both in terms of QoQ and YoY bases. However, it does not disclose the profit numbers it is aiming.

Meanwhile, in Taiwan, the second quarter is usually slower the tech companies, as it’s the period when the companies are racing up to complete their exports for smartphones, tablets and other electronics for the Western market, where it's a year-end holiday time.

Last month, Foxconn reported its revenue at USD 13.96 billion, the second-highest surge which the company attributed to an on- year rise of 11.8 percent,

Meanwhile, its revenue in the first quarter slid by 9.6 per cent YoY to Taiwan Dollar 1.322 trillion, underperforming a Taiwan Dollar 1.401 trillion, as per reports. However, the company emphasised that its first-quarter revenue was in line with its outlook.

Foxconn’s first quarter revenue in its smart consumer electronics products, including smartphones was declined by YoY, which it said was impacted due to the reopening of factory in China, following Covid-related disruptions.

Meanwhile, for the cloud and networking products, Foxconn highlighted significant YoY growth in the first three months of the year which was mainly due to the customer amass for the cloud segment.