Hon Hai Precision (Foxconn) revised its full year outlook upward after registering stronger than expected revenue growth in the second quarter, though noted it remained cautious about the impact of broader economic trends.
Foxconn upped its forecast from a previous mostly-flat outlook after booking an 11.3 per cent year-on-year rise in revenue during Q2 to TWD1.5 trillion ($50.7 billion), a record high for the period.
The growth was fuelled by double-digit gains in its cloud and networking, and computing products groups.
In a statement, Foxconn noted its full year performance should be better than its original “flattish expectation”, adding it is “cautiously optimistic about the outlook for the third quarter,” but would “need to closely monitor the trend of inflation”.
It stated the current Q3 visibility is “pretty much in line with market expectation, representing significant growth” year-on-year.
During Q2, Foxconn’s components and other products units delivered significant revenue growth due to stable demand in consumer and other areas, while smart consumer electronics products also grew significantly.
Foxconn will release full results for Q2 on 11 August.
At its shareholders’ meeting in May, chairman Liu Young-way said he was optimistic supply constraints in China would ease in H2.Subscribe to our daily newsletter Back