{"id":31581,"date":"2023-07-05T07:15:55","date_gmt":"2023-07-05T11:15:55","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/foxconn-stock-falls-as-iphone-makers-june-sales-drop-what-it-means-for-apple\/"},"modified":"2023-07-05T07:15:57","modified_gmt":"2023-07-05T11:15:57","slug":"foxconn-stock-falls-as-iphone-makers-june-sales-drop-what-it-means-for-apple","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=31581","title":{"rendered":"Foxconn Stock Falls as iPhone Maker\u2019s June Sales Drop. What It Means for Apple."},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-BAR-0000685434\">\n<div data-layout=\"wrap\n              \" data-layout-mobile=\"\" class=\"\n        media-object\n        type-InsetMediaIllustration\n          wrap\n  article__inset\n        article__inset--type-InsetMediaIllustration\n          article__inset--wrap\n    article__inset--lead\n  \"><\/p>\n<figure class=\"\n        media-object-image\n        enlarge-image\n        img-wrap\n        article__inset__image\n      \" itemscope=\"\" itemtype=\"http:\/\/schema.org\/ImageObject\"><\/p>\n<\/figure><\/div>\n<p>Shares in one of<br \/>\n        Apple<span>\u2019s<\/span><br \/>\n       most important suppliers tumbled Wednesday after<br \/>\n        Foxconn Technology<span>,<\/span><br \/>\n       the world\u2019s largest contract electronics manufacturer, revealed a plunge in revenue last month amid weakness in the smartphone segment.<\/p>\n<p>\n        Foxconn<br \/>\n      (ticker: 2354.Taiwan) stock dropped 1.8% in Taipei trading on Wednesday after the company reported revenue in June of 422.8 billion New Taiwan dollars ($13.6 billion), a drop of 6.2% month over month and 19.7% year over year.<\/p>\n<div class=\"paywall\">\n<p>The group is a giant of electronics manufacturing, making devices like<br \/>\n        Apple<span>\u2019s<\/span><br \/>\n       (AAPL) iPhone on contract and<br \/>\n        Sony<span>\u2019s<\/span><br \/>\n       (SONY) PlayStation.<\/p>\n<p>The latest batch of monthly revenue caps out a dreary quarter, with revenue in the three months to the end of June coming in at NT$ 1,302.7 billion, down 10.9% quarter over quarter and 13.8% from a year earlier.<\/p>\n<p>June saw strength in computing products, Foxconn said, which delivered double-digit growth. But components stagnated and cloud and networking products, as well as smart consumer electronics\u2014which includes smartphones like the iPhone\u2014declined.<\/p>\n<p>Shares in Apple shed 0.7% in premarket trading on Wednesday as investors returned from the July Fourth holiday. Futures tracking the technology-heavy<br \/>\n        Nasdaq<br \/>\n      were down 0.6%. Apple\u2019s quarterly profits tend to live and die on iPhone sales, and Foxconn\u2019s results could offer a sneak peak into market trends for the tech giant\u2019s flagship product.<\/p>\n<p>But there remains reason for optimism.<\/p>\n<p>\u201cOperations will gradually ramp up\u201d with the second half of the year\u2019s peak season currently underway, Foxconn said in its outlook, guiding for the third quarter to be better than the second and seeing an on-quarter growth at its best in two years.<\/p>\n<p>Write to Jack Denton at jack.denton@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/articles\/foxconn-stock-sales-iphone-apple-c0c6d392?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Shares in one of Apple\u2019s most important suppliers tumbled Wednesday after Foxconn Technology, the world\u2019s largest contract electronics manufacturer, revealed a plunge in revenue last month amid weakness in the smartphone segment. Foxconn (ticker: 2354.Taiwan) stock dropped 1.8% in Taipei trading on Wednesday after the company reported revenue in June of 422.8 billion New Taiwan [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":31582,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-31581","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Foxconn Stock Falls as iPhone Maker\u2019s June Sales Drop. 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