Apple supplier Foxconn posts 9% fall in first-quarter revenue

Apple iPhone maker Foxconn on Friday recorded a 9.6% drop in revenue for the first quarter of 2024, compared to the same period last year.

The company, which operates under the name Hon Hai Precision Industry in Taiwan, recorded first-quarter revenue of 1.32 trillion new Taiwan dollars ($41.2 billion), also down 28.58 percent from the fourth quarter of last year . It was also lower than economists’ expectations according to an LSEG poll.

However, the company expects revenue growth in the second quarter, although it “remains a traditional slow season.”