Reports indicate that Foxconn has set new record sales in September, making the main Apple assembly partner, “cautiously optimistic” before fourth-quarter results.
It being a rather rocky year for the company, the company has still had strong growth. The Apple partner is looking toward a strong holiday season.
Foxconn Staying Optimistic for Fourth-Quarter Results
Following the launch of the iPhone 14 in September, many members of the Apple supply chain expected to be carried by high seasonal sales of the new smartphone series. Now, it seems like Foxconn may be in for a surprise. This is even with many considering a poor outlook for the global economy.
According to a statement seen by Reuters, Foxconn remains “cautiously optimistic” concerning the last three months of 2022. This period, being a major holiday period, is typically good for iPhone sales. However, the company also warned that, “the dynamics of inflation, the pandemic and the supply chain still need to be closely monitored”.
For September and the third quarter, revenue saw growth of 40.39% and 24.4% on the year, generating revenue highs. Foxconn continues to believe in its full-year guidance from August that there will be growth. This is an upgrade from the flat revenue guidance the firm previously issued.
Concerning September, the double-digit growth is likely in thanks to revenue increases within the smart consumer electronics arm. This also includes smartphone activities. The company attributes this growth to new product launches, as well as “smooth mass production”.
Additionally, revenue for Foxconn saw an increase of 13.66% for the first nine months of 2022. Again, given that the next three months is a popular shopping season for consumers, the fourth quarter may likely be prosperous for the company.
While Foxconn is remaining cautiously optimistic, the company has had a rather tumultuous year. COVID-19, of course, brought about many problems for the company, due in large part due to China restricting operations. Additionally, the company also dealt with power cuts caused by rationing electricity due to a massive heat wave.
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