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Key Apple Inc (NASDAQ:AAPL) supplier, Taiwan's Hon Hai Precision Industry Co Ltd (OTC: HNHPF), operating as Foxconn, forecasts a decline in first-quarter revenue following a quieter market demand in the previous quarter.
Traditionally, the first quarter tends to be slower for tech companies like Foxconn, following the busy holiday season when they supply electronics to major vendors such as Apple for Western markets.
This year's first quarter will likely see a year-on-year revenue drop despite the expected seasonal slowdown similar to the past three years, Reuters reports.
Also Read: Apple and Suppliers Face Unanticipated Sales Slump Despite New Launches
Foxconn did not provide specific numerical guidance but noted that the first quarter of last year recorded a record high, boosted by the post-COVID resumption of normal factory operations, Bloomberg notes.
In December, Foxconn's revenue reached T$460.1 billion ($14.84 billion), a 26.9% decrease compared to the previous year but still better than expected.
The fourth quarter saw a 5.4% year-on-year decline in revenue to T$1.851 trillion, slightly above analysts' estimates.
The company attributed the "flattish" revenue in its smart consumer electronics segment, including smartphones, to reduced market demand.
Foxconn has earmarked considerable investments in India as it looks to diversify risk exposure by shifting its base from China.
Apple's stock experienced a decline this week following analyst downgrades over concerns about iPhone demand, yet it remains the most valuable company globally by market value.
Foxconn plans to report its fourth-quarter earnings on March 14 and update its outlook.
Price Action: AAPL shares traded lower by 0.27% at $181.43 on the last check Friday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
Photo via Wikimedia Commons
