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Apple supplier Foxconn about cautiously optimistic Q4 outlook

Categories: Technology

Apple supplierFoxconn about 'cautiously optimistic' Q4 outlook

Taiwan'sFoxconn, the world's largest contract electronics maker, said on Tuesday it was"cautiously optimistic" about its fourth-quarter revenueoutlook after reporting record-breaking September sales.

Like otherglobal manufacturers, the Taiwanese company, a major Apple Inc supplier,could be vulnerable to slowing consumer tech demand as the global economy facesthe possibility of recession and inflation soars, especially in Europe and theUnited States.

But thecompany said in a statement it was "cautiously optimistic" about theoutlook for the final three months of 2022, and maintained its full-yearguidance of growth given in August, from previous guidance of flattish revenue.

"However,the dynamics of inflation, the pandemic, and the supply chain still need to beclosely monitored," it said.

Formallyknown as Hon Hai Precision Industry Co Ltd, the company said revenue forSeptember and the third quarter grew 40.39% and 24.4% on the year,respectively, both hitting record highs and beating its own expectations.

Revenue fromsmart consumer electronics, which includes its key smartphone business, showedstrong double-digit growth in the third quarter, thanks to new product launchesand "smooth mass production", it added.

The company,which has grappled with COVID-19 lockdowns and electricity rationing in Chinadisrupting its supply chain, had previously forecast flat revenue growth forthe third quarter for consumer electronics, including smartphones.

Analystshave said the popularity of new premium iPhones would boost Foxconn's business,while continued server demand from major clients, including Amazon.com Inc,would also counter industry headwinds as global tech demand slows.

The fourthquarter is traditionally the hot season for Taiwan's tech companies as they raceto supply cellphones, tablets and other electronics for the year-end holidayperiod in Western markets.

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