Apple supplier Foxconn cautious despite beating earnings forecasts

Apple supplier Foxconn beat estimates for second-quarter earnings on Monday thanks to a booming artificial intelligence sector but retained a cautious outlook for this year due to global economic uncertainties.

The world’s largest contract electronics maker downgraded its outlook for full-year revenue to a slight decline from a previous guidance of flat as it joins other companies grappling with a weak global economy and a sluggish recovery in China.