Foxconn cut its full-year revenue guidance due to continued economic uncertainties including global monetary tightening, geopolitical tensions and inflation.
In an earnings release for Q2, Foxconn tipped annual revenue to decline slightly, compared with previous guidance for the metric to remain flat.
Chair Liu Young stated the company established a strategic partnership with Microsoft covering low Earth orbit (LEO) global satellite systems, with a plan to introduce space-based internet services for vehicles, smart cities and 5G communication infrastructure for enterprises.
Liu said while its focus in India is currently on assembly, it aims to produce key components for consumer electronics devices to raise its competitiveness in the country.
Net profit declined 1 per cent year-on-year to TWD33 billion ($1 billion).
It reiterated a revenue figure of TWD1.3 trillion, which it previously revealed was down 13.8 per cent.
The company forecast a moderate correction in its cloud and networking business for 2023, down from flat guidance. It also expects its computer business to drop, Taipei Times reported, citing its earnings call.