Foxconn’s August sales drop 8% y/y, Q3 outlook better

TAIPEI: Taiwan’s Foxconn, the world’s largest contract electronics maker and a major supplier for Apple, said on Tuesday revenue in August fell 8% year-on-year but forecast a better business outlook ahead of new product releases by major customer Apple.

Foxconn, formally called Hon Hai Precision Industry Co Ltd, said revenue last month reached T$412.83 billion ($12.93 billion), down 12% from July.

Revenue in its smart consumer electronics products, including smartphones, declined in August on the year due to “customers’ conservative pull-in”, the company said in a statement without elaborating.