From Nasdaq Inc.:

Taiwan’s Foxconn, the world’s largest contract electronics maker, expects a first quarter drop in revenue following slower market demand. Last year, revenue hit a record high, but the company is forecasting a decrease for this year’s first quarter. Fourth quarter earnings are to be reported on March 14, when Foxconn will also update its outlook.

Revenue for the last three months of last year slid 5.4% year-on-year to T$1.851 trillion. Smart consumer electronics products, including smartphones, had “flattish” revenue due to slower market demand. Apple’s stock price fell recently, but it remains the most valuable company by market value worldwide.

However, revenue last month was better than expected at T$460.1 billion, despite being down 26.9% year-on-year. Foxconn’s shares closed flat on Friday, ahead of December sales release. The company said the first quarter is traditionally quiet, but factories will resume normal operations following the COVID pandemic. Apple’s stock price saw decreased demand after two analyst downgrades.



Read more: Foxconn expects Q1 revenue drop after slower Q4 demand