Apple supplier Foxconn’s Q1 profit slumps 56% yoy, lags forecasts

Foxconn, the world’s largest contract electronics maker and a supplier to Apple, reported a 56% drop in Q1 net profit owing to global economic woes hurting demand for smart consumer electronics. Net profit fell to TWD12.8bn ($417.17m) from TWD29.45bn in the same period the previous year, compared to an average forecast of TWD29.18bn. The company expects revenue for consumer electronics to drop YoY in Q2 and sees revenue for cloud and networking products in 2023 as flat, compared to previous forecasts of significant growth. It also expects revenues for 2023 to be flat.