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Foxconn reports surprise profit increase

by on14 November 2023

Despite consumer electronics slump

Foxconn has reported that its third-quarter profit rose 11.27 per cent from last year, beating the cocaine nose jobs of Wall Street’s analysts’ expectations.

Foxconn reported a revenue of $47.71 billion and while its operating revenue slipped 11.64 per cent from a year ago its net income increased 11.27 per cent from a year ago.

The Tame Apple Press is doing its best to remind its readers that Foxconn makes Apple gear so that is a good sign for their favourite company. However, it is more likely that the results came through Foxconn's other lucrative businesses

Data compiled by Counterpoint Research revealed that global smartphones fell eight per cent year-on-year – its lowest third quarter levels in a decade and the ninth consecutive quarter to record a decline.

Foxconn said in its earnings report that it expects monetary policies, inflation, geopolitics and macroeconomics to affect its business in 2024.

In August, the government of Indian state of Karnataka said Foxconn will invest more than $600 million to build a phone production project and a separate semiconductor equipment facility.

India could account for 20-30 per cent of Hon Hai’s manufacturing, which is “very similar to China,” chairman and CEO Young Liu told CNBC last month.

In October, Chinese state media Global Times reported, citing unnamed sources, that multiple offices of Hon Hai’s subsidiaries across China had been subjected to tax audits and on-site investigations into land use.

Last modified on 14 November 2023
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