Apple's Key Supplier Foxconn Reports 9% Decline In Q1 Revenue, Anticipates Growth In Future
Portfolio Pulse from Benzinga Neuro
Foxconn, a major supplier for Apple, reported a 9% decline in its first-quarter revenue for 2024, totaling $41.2 billion. Despite the drop, Foxconn anticipates revenue growth in the second quarter. Apple, facing its first revenue and EPS decline in a decade due to falling iPhone sales, plans to launch more affordable AirPods to potentially boost sales and Foxconn's production.
April 05, 2024 | 12:11 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Apple anticipates its first revenue and EPS decline in a decade due to falling iPhone sales but plans to introduce more affordable AirPods to potentially boost sales.
Apple's anticipated revenue and EPS decline reflects challenges in the smartphone market, particularly in China. However, the introduction of more affordable AirPods could mitigate some negative impacts by potentially increasing product sales and revenue.
CONFIDENCE 75
IMPORTANCE 80
RELEVANCE 90
POSITIVE IMPACT
Foxconn reported a 9% decline in Q1 revenue but projects an increase in Q2. The company is diversifying, including a partnership with Nvidia for AI servers.
Foxconn's revenue decline is significant but the projection for growth in Q2 and diversification efforts, such as the partnership with Nvidia, suggest potential for recovery and growth in the short term.
CONFIDENCE 80
IMPORTANCE 85
RELEVANCE 100