Apple supplier Foxconn's Q2 profit slips 1%, beats forecasts

Foxconn, the world's largest contract electronics manufacturer and a crucial Apple Inc. supplier revealed a marginal 1% dip in net profit for the second quarter, attributing the decline to the global economic challenges impacting demand for smart consumer electronics.

In specific terms, the Taiwanese powerhouse disclosed that net profit for the April-June period stood at NT$33 billion ($1.0 billion), a marginal 1% decrease from the revised NT$33.29 billion reported in the corresponding period of the previous year. This performance eclipsed the average forecast of T$25.57 billion profit projected by 13 analysts, as compiled by Refinitiv.

Overall revenue recorded a 14% year-on-year drop to NT$1.3045 trillion, with gross profit declining by a similar percentage to NT$83.6 billion. Operating income experienced a more substantial contraction, plummeting 30% to NT$30.9 billion, as the Techloy chart below shows.