Taiwan’s Foxconn raises full year outlook on strong tech demand

Taiwan’s Foxconn, the world’s largest contract electronics maker, raised its full-year business outlook on Monday thanks to strong tech sales from smartphones to servers despite concerns of slowing demand due to rising inflation.

The Taiwanese firm has grappled with a severe shortage of chips like other global manufacturers, which has hurt smartphone production including for its major client Apple, partly due to COVID-19 lockdowns in China.

But the company’s June sales jumped 31% from a year earlier to a record high for the month, thanks to appropriate supply chain management and rising sales of consumer electronics, including smartphones, which make up the bulk of its revenue.