Apple supplier Foxconn reports near-30% drop in December revenue

Apple Inc. supplier Foxconn Technology Co. Ltd. (TW:2354) reported Friday December revenue of NT$460.13 billion ($14.84 billion), down 29.2% from November and down 26.9% from a year ago. The Taiwan-based company said weakness in computing products and smart consumer electronics products in December offset growth in cloud and networking products and components and other products. There were no FactSet consensus estimates, but Foxconn said December revenue was better than expected. Meanwhile, Apple's stock (AAPL) fell 0.8% in premarket trading, after shedding 6.0% over the past four sessions. A fifth-straight decline would mark the longest losing streak since the six-session stretch that ended Oct. 20. Separately, Foxconn said fourth-quarter revenue of NT$1.85 trillion was up 20% from the third quarter, but down 5.4% from a year ago, while 2023 revenue of NT$6.16 trillion was 7% less than 2022. Foxconn's stock has dropped 11% over the past three months in Taiwan trading, while Apple shares have gained 4.0% in U.S. trading.

-Tomi Kilgore

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01-05-24 0656ET

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