{"id":48317,"date":"2023-08-14T16:38:47","date_gmt":"2023-08-14T20:38:47","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/apple-stock-edges-higher-on-foxconns-earnings-what-the-iphone-maker-did\/"},"modified":"2023-08-14T16:38:49","modified_gmt":"2023-08-14T20:38:49","slug":"apple-stock-edges-higher-on-foxconns-earnings-what-the-iphone-maker-did","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=48317","title":{"rendered":"Apple Stock Edges Higher on Foxconn’s Earnings. What the iPhone Maker Did."},"content":{"rendered":"
\n
<\/p>\n

<\/p>\n

<\/p>\n
<\/div>\n<\/figure><\/div>\n

\n Foxconn,<\/span>
\n which makes
\n Apple
\n iPhones, reported a decline in profits in the second quarter, but still managed to beat expectations.<\/p>\n

\n Foxconn
\n (ticker: 2317.Taiwan), formally known as Hon Hai Precision Industry, said profit fell 1% in the three months through June from the same period a year earlier. Revenue declined 14% and margins narrowed, the company said. The shares still rose because the results exceeded expectations.<\/p>\n

\n

Foxconn\u2019s results mirror those of Apple\u2019s (AAPL) most recent numbers, which showed a drop in iPhone and iPad sales. Foxconn said that performance at its consumer electronics division should improve in the third quarter, though it may still fall short of last year\u2019s performance.<\/p>\n

Apple shares inched up 0.5% to $178.70 in premarket trading Monday. Foxconn shares are up 10% this year.<\/p>\n

Foxconn\u2019s fortunes are closely tied to Apple\u2019s as one of the tech giant\u2019s most important suppliers. It also makes
\n Sony
\n \u2018s (SONY) PlayStation. <\/p>\n

Traders were disappointed with the results Apple reported earlier this month, pulling the company\u2019s market capitalization below $3 trillion. Sales declined for a third quarter for the first time since 2016 and revenue fell. That puts a lot of pressure on Apple delivering with the launch of the iPhone 15 next month.<\/p>\n

For its part, Foxconn said it\u2019s cautious about its own outlook. \u201cIn response to uncertainties such as global monetary tightening, geopolitical tensions, and inflation, the full-year outlook is now expected to slightly decline, from previous flattish expectations,\u201d it said in a statement.<\/p>\n

Write to Brian Swint at brian.swint@barrons.com<\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Foxconn, which makes Apple iPhones, reported a decline in profits in the second quarter, but still managed to beat expectations. Foxconn (ticker: 2317.Taiwan), formally known as Hon Hai Precision Industry, said profit fell 1% in the three months through June from the same period a year earlier. Revenue declined 14% and margins narrowed, the company […]<\/p>\n","protected":false},"author":1,"featured_media":48318,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-48317","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nApple Stock Edges Higher on Foxconn's Earnings. 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