Major Apple assembler Foxconn on Tuesday reported third-quarter profit rose 11.27% year over year, beating analysts’ expectations.
The Taiwanese firm reported operating revenue slipped 11.64% from a year ago to NT$1.543 trillion, while net income increased 11.27% from a year ago to NT$43.13 billion, beating analysts’ expectations. Foxconn reported a NT$38.75 billion net profit in the same period a year ago.
The world’s largest contract electronics maker, Hon Hai Technology Group, assembles consumer products like Apple’s iPhones.
“Volumes declined year-on-year largely due to slower than expected recovery in consumer demand. But the market’s quarter-on-quarter growth, especially the positive performance in September despite one full week less of sales of the new iPhones, is likely a sign of positive news ahead,” said Counterpoint Research in a report on Oct. 17. Apple’s iPhone 15 series was launched on Sept. 22…
Research firm Canalys said last week that the global smartphone market is seeing a slowdown in its decline. The market saw just a 1% drop in the third quarter 2023, according to Canalys data.
“Bolstered by regional recoveries and new product upgrade demand, the smartphone market recorded a double-digit sequential growth in third quarter, ahead of the sales seasons,” said Canalys on Oct. 17.
MacDailyNews Take: Should bode well for AAPL shareholders.
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Support MacDailyNews at no extra cost to you by using this link to shop at Amazon.