Before announcing its earnings on Monday, Foxconn's stock price increased by 1.4%, despite a 1.3% decline in the main market. So far this year, its stock price has risen by 10%.
Foxconn, a supplier for Apple, reported on Monday that its net profit for the second quarter fell by 1%, as global economic difficulties reduced demand for smart consumer electronics.
Foxconn Taiwan stated that its net profit for the April to June quarter slid from 33.29 billion New Taiwan Dollars in the same period last year to 33 billion New Taiwan Dollars (about 1 billion US Dollars). According to data from Refinitiv, this was better than analysts' expectation of a 25.57 billion New Taiwan Dollars profit.
Foxconn's business spans products like smartphones, which account for about half of the company's total revenue. Foxconn anticipates a slight year-over-year decline in its smart consumer electronics revenue in the third quarter.
Foxconn Taiwan's overall revenue is also expected to experience a slight decline in the third quarter, leading them to revise their full-year revenue forecast from previously expected steady levels to a slight decrease.
