Foxconn Expects Growth in Second Quarter After Higher March Revenue
By Kosaku Narioka
Foxconn Technology Group reported an increase in March revenue, thanks to strong demand for cloud and consumer-electronics products, and projected growth in the second quarter despite the impact of a big earthquake that hit Taiwan this week.
Foxconn, formally known as Hon Hai Precision Industry, said revenue in March rose 12% from a year earlier to 447.54 billion New Taiwan dollars (US$13.95 billion).
The Taiwan-based electronics maker said revenue for its cloud and networking segment showed significant growth due to strong customer demand for cloud products. Revenue for consumer electronics also showed strong growth.
The electronics maker said business in the second quarter is expected to grow from the previous quarter and a year earlier.
Foxconn said Wednesday that the earthquake that hit eastern Taiwan earlier that day had only a slight operational and financial impact on the company.
In March, the electronics maker said the artificial-intelligence boom would enable significant growth this year. It makes servers and other devices used in AI applications.
Write to Kosaku Narioka at kosaku.narioka@wsj.com
(END) Dow Jones Newswires
April 05, 2024 05:09 ET (09:09 GMT)
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