“Taiwanese manufacturer Foxconn reported a smaller than expected fall in quarterly profit, despite warning signs from key customers including Apple Inc that demand for tech electronics is softening,” Reuters reports.
“Foxconn, formally known as Hon Hai Precision Industry Co Ltd, reported net profit of T$62.61 billion ($2.03 billion) for the final three months of 2018 on Friday. That was 12.6 percent below the year-earlier results, the company said in a statement,” Reuters reports. “The result beat a mean estimate of T$36.64 billion ($1.19 billion) from eight analysts, according to I/B/E/S data from Refinitiv.”
“A company official said on Friday that the better-than-expected profit was driven by revenue growth. He did not elaborate,” Reuters reports. “Lewis Liao, an analyst at Fubon Research in Taipei, said ahead of the results that investors are now looking to a possible recovery of iPhone sales in the second half, which could boost profits for Taiwanese manufacturers including Foxconn.”
Read more in the full article here.
MacDailyNews Take: As per “softening” in relation to iPhone sales: Apple sold 217.72 million iPhones in 2018, up from 216.76 million in 2017, and up from 211.88 million in 2016.
Fantastic!. It’s implied Apple will beat expectations next month which is April 30th. 👍🍎🍎🍎🍎🍎🍎
Don’t pop the tariff-increased imported champagne yet. Apple may have fared better than some companies thanks to holiday sales, but consumer spending is down sharply thanks to the big orange doofus.
https://www.reuters.com/article/us-usa-economy-spending/u-s-consumer-spending-soft-inflation-benign-as-economy-slows-idUSKCN1RA1EK
“The release of the January consumer spending figures was delayed by a five-week partial shutdown of the federal government that ended on Jan. 25.
When adjusted for inflation, consumer spending gained 0.1 percent in January after dropping 0.6 percent in December.
The dollar slipped against a basket of currencies. U.S. Treasury prices fell, while stocks on Wall Street rose.
The weak consumer spending report extended the run of soft data ranging from housing starts to manufacturing that have flagged a sharp slowdown in growth early in the first quarter. The economy’s outlook is also being overshadowed by slowing global growth, Washington’s trade war with China and uncertainty over Britain’s departure from the European Union.
Gross domestic product forecasts for the first quarter are as low as a 0.9 percent annualized rate. The economy grew at a 2.2 percent pace in the fourth quarter…”
I have been personally attacked on this site for predicting that the extreme right wing agenda would not produce sustained strong growth. Trumpanzees: tell us all how your trickle down was going to offer 4% growth forever in a nation that is acting like it wants negative population growth and high tariffs. Trump’s math stinks. Who is he going to blame this time? Trump owns the weakening economy you have now.
Now now. Do’t piss off the trumpanzees. They will drag out f2t2 and bottwipe.