Hon Hai Sales Fall Short of Estimates After iPhone Slump
Apr 05, 2024 - bloomberg.com
Hon Hai Precision Industry Co., also known as Foxconn, fell short of revenue estimates in the first quarter due to declining iPhone sales, particularly in China. The company, which is the largest iPhone contract manufacturer, reported March sales of NT$447.5 billion ($14 billion), leading to a first-quarter revenue of NT$1.32 trillion, a 9.6% decrease.
This revenue was below the average analyst estimates of NT$1.39 trillion. The disappointing results highlight the impact of the slump in iPhone sales on the company's performance.
Key takeaways:
Hon Hai Precision Industry Co., also known as Foxconn, missed revenue estimates in the first quarter.
The company's performance was negatively affected by sagging iPhone sales, particularly in China.
Foxconn is the biggest iPhone contract manufacturer.
The company's March sales were NT$447.5 billion ($14 billion), bringing first-quarter revenue to NT$1.32 trillion, down 9.6% and short of an average of analyst estimates of NT$1.39 trillion.
