Apple supplier Foxconn’s Q1 profit slumps 56% y/y, lags forecasts

Summary Summary Companies Q1 profit plunges to T$12.8 bln vs forecast of T$29.18 bln Foxconn expects 2023 revenue to be flat Sees revenue for consumer electronics products falling in Q2 TAIPEI, May 11 (Reuters) – Apple Inc (AAPL.O) supplier Foxconn (2317.TW) reported on Thursday a 56% plunge in first-quarter net profit, lagging forecasts in its biggest quarterly fall in three years, as global economic woes hurt demand for smart consumer electronics. The Taiwanese company, which is the world’s largest contract electronics maker, said net profit for the January-March quarter fell to T$12.8 billion ($417.17 million) from T$29.45 billion in the…