Quarterly profit of Apple supplier Foxconn fell by 56%
[ad_1]
According to the results of the first quarter, in the annual ratio, the profit of Foxconn, which is one of the largest suppliers of the tech giant Apple, fell by 56%. This is the biggest decrease in the last three years. Analysts believe that problems in the economy have reduced the demand for intelligent household electronics.
According to LBLV, in the first quarter, Foxconn’s net profit fell to NT$12.8 billion from NT$29.45 billion last year. Analysts predicted that the figure would be at the level of 29.18 billion Taiwanese dollars.
The company expects revenue from network and cloud products to remain unchanged in 2023. Analysts believe that in general, the revenue for the second quarter will decrease, but for the whole year it will remain unchanged.
LBLV also reported that the Italian antimonopoly agency has launched an investigation into one of Foxconn’s largest customers, Apple. Tim Cook’s company is accused of abusing its dominant position in the application market.
According to the antitrust authority, Apple has ordered third-party application developers to establish a “stricter privacy policy” than it applies to itself, starting in April 2021.
Foxconn shares fell 1.32% to NT$52.40 today, while Apple shares rose 1.04% to NT$173.56.
Sergey Almazov, financial analyst of LBLV.
Source: Ministry of Finance
Views: 20
[ad_2]
Original Source Link
