Apple supplier Foxconn forecasts flat sales in 2023 after reporting fourth-quarter profit miss
- Foxconn, the world’s largest electronics contract manufacturer, predicts a slump in consumer electronics demand this year
- The company on Wednesday reported fourth-quarter net income of US$1.3 billion, down 10 per cent from the same period in 2021
Taiwan-based Foxconn, the world’s largest electronics contract manufacturer, offered a forecast of slumping consumer electronics demand this year, offset by an uptick in expected sales of cloud and networking products, personal computers and other components.
The flattish full-year outlook is matched by the current quarter, which the company indicated is expected to be in line with market consensus. It reported net income of NT$40 billion (US$1.3 billion) for the last three months of 2022 on sales totalling NT$1.96 trillion.
That was down 10 per cent for the same period in 2021 and operating profit also slumped 16 per cent. Analysts had expected slightly higher profit, with a consensus average of NT$40.91 billion ahead of the company’s report on Wednesday.
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