Foxconn revenues increase marginally in Q20
Besides an industry-wide slowdown, Foxconn lost some business from Apple last September to rival Pegatron, and the rumored Apple iPhone Lite is supposedly going to be manufactured by Pegatron as well. The Q2 revenue figure surpassed analysts' estimates. Arthur Liao, an analyst with Fubon Financial Holding, called the revenue figure a surprise, citing weak sales of the Apple iPhone. Liao said that large-screen television assembly had to be driving the company since top line growth from Apple's iconic smartphone won't kick in until a new model is released sometime later this quarter. The analyst has a 'reduce' rating on Foxconn shares.
The company will report its net income for the period next month. Terry Gou, billionaire owner of Foxconn, has promised stockholders that the company will turn a profit this year despite a 9.9% drop in revenue over the first half of the year.