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☆ Foxconn raises Q4 outlook on strong year-end holiday sales
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

The logo of Foxconn is seen outside the company's building in Taipei, Taiwan November 10, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Dec 5 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker and a major Apple (AAPL.O) supplier, on Tuesday raised its outlook for the fourth quarter on strong year-end sales for the holiday peak season. The fourth quarter is traditionally the hot season for Taiwan's tech companies as they race to supply smartphones, tablets and other electronics to major vendors such as Apple for the year-end holiday period in Western markets. "Therefore, the outlook for the fourth quarter should be better than the original guidance for 'significant growth'", the company added, without elaborating. For components and other products, revenue in November showed strong year-on-year growth "due to increasing allocations in smart consumer electronics products and rising shipments in auto components", it added.

Persons: Ann Wang, Foxconn, Ben Blanchard, Sarah Wu, David Goodman Organizations: REUTERS, Rights, Apple, Hai Precision Industry Co, Revenue, Foxconn's, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, Zhengzhou, Foxconn's Taipei

☆ Foxconn sticks to strong end-of-year sales outlook
▼ + stars: | 2023-11-05 | by ( ) www.reuters.com time to read: +2 min

A Foxconn shareholder poses for photos after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang/File Photo Acquire Licensing RightsTAIPEI, Nov 5 (Reuters) - Taiwan's Foxconn (2317.TW), the world's largest contract electronics maker and a major Apple supplier, on Sunday stuck to its previous outlook of strong year-end holiday sales, and said customers were buying well in China and the United States. Foxconn said in a statement that with the second half of the year a "traditional peak season" for consumer tech products, operations "will ramp up sequentially", sticking to its outlook given last month. "Significant growth outlook in the fourth quarter compared to the third quarter remains unchanged," it added, without elaborating. Foxconn releases third-quarter earnings on Nov. 14, when it will give more details on its outlook.

Persons: Ann Wang, Foxconn, Ben Blanchard, David Goodman, Christopher Cushing Organizations: REUTERS, Rights, Apple, Hai Precision Industry Co, Revenue, Thomson Locations: New Taipei City, Taiwan, Rights TAIPEI, China, United States, Taipei

"The fourth quarter should see significant growth compared to the third quarter," it added, without elaborating. Foxconn, formally called Hon Hai Precision Industry Co Ltd, said revenue last month reached T$660.7 billion ($20.46 billion), down 19.7% year-on-year but soaring 60.1% from August. Revenue in its smart consumer electronics products, including smartphones, saw strong growth month-on-month "due to new product launches in September", Foxconn said. Foxconn is the world's biggest iPhone assembler, but has been trying to diversify into electric vehicles. It added that September year-on-year revenue for cloud and networking products, which includes servers, declined due to "conservative customer pull-in".

Persons: Dado Ruvic, Foxconn, Ben Blanchard, Sarah Wu, Kim Coghill Organizations: REUTERS, Apple, Hai Precision Industry Co, Revenue, Thomson Locations: TAIPEI, Taipei, Taiwan

☆ Foxconn's August sales drop 8% y/y, Q3 outlook better
▼ + stars: | 2023-09-05 | by ( ) www.reuters.com time to read: +2 min

A Foxconn shareholder poses for photos after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. Foxconn (2317.TW), formally called Hon Hai Precision Industry Co Ltd, said revenue last month reached T$412.83 billion ($12.93 billion), down 12% from July. Other businesses, including computing products such as PCs and cloud and networking products, declined from a year ago, Foxconn said, without elaborating. Foxconn's Taipei-listed shares closed up 0.5% on Tuesday ahead of the release of its August sales, compared with flat in the broader market (.TWII). ($1 = 31.9170 Taiwan dollars)Reporting by Yimou Lee and Ben Blanchard; Editing by Robert BirselOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Foxconn, Yimou Lee, Ben Blanchard, Robert Birsel Organizations: REUTERS, Rights, Apple, Hai Precision Industry Co, Revenue, Thomson Locations: New Taipei City, Taiwan, Rights TAIPEI, China, Foxconn's Taipei

Foxconn (2317.TW) withdrew from the JV with the Indian metals-to-oil conglomerate on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. "Foxconn is committed to India and sees the country successfully establishing a robust semiconductor manufacturing ecosystem." India expects its semiconductor market to be worth $63 billion by 2026, but Modi's plan has so far floundered. The $3 billion ISMC project is stalled because Tower is being acquired by Intel, while another $3 billion plan by IGSS was also halted because it wanted to re-submit its application, Reuters has reported. Like Foxconn, the Indian government has said the breakup of the JV had "no impact" on India's semiconductor plans, adding that both companies were "valued investors" in the country.

Persons: India Foxconn, Foxconn, Narendra Modi's chipmaking, Modi, IGSS, Ann Wang, Vedanta, Anil Agarwal, Vedanta's, Yimou Lee, Ben Blanchard, Tanvi Mehta, Aditya Kalra, Jacqueline Wong, Sonali Paul, Alexander Smith Organizations: India, JV, Vedanta, TW, Semiconductors, IGSS Ventures, ISMC, Intel, Reuters, REUTERS, Vedanta's, Vedanta Ltd, Vedanta Resources, Thomson Locations: chipmaking, India, TAIPEI, MUMBAI, Singapore, New Taipei City, Taiwan, Vedanta's India, Vedanta's London, Taipei, Mumbai, New Delhi, Pandya, Bengaluru

☆ Foxconn eyes India chipmaking incentives after quitting $19.5 billion JV
▼ + stars: | 2023-07-11 | by ( ) www.reuters.com time to read: +3 min

SummaryCompanies Foxconn remains committed to chipmaking in IndiaFoxconn seeks new partner for India chipmaking - sourceTAIPEI/NEW DELHI, July 11 (Reuters) - Taiwan's Foxconn (2317.TW) said on Tuesday it plans to apply for incentives that India is offering under its semiconductor manufacturing policy, a day after the company parted ways with Vedanta (VDAN.NS) on a $19.5 billion chipmaking joint venture. Foxconn withdrew from its semiconductor JV with Indian metals-to-oil conglomerate Vedanta on Monday, in a setback to Prime Minister Narendra Modi's chipmaking plans for India. "Foxconn is working toward submitting an application," the company said in a statement. The Vedanta-Foxconn joint venture was among three applicants last year under the government's incentives plan. Explaining its breakup with Vedanta, Foxconn said on Tuesday "there was recognition from both sides that the project was not moving fast enough" and there were other "challenging gaps we were not able to smoothly overcome", without sharing more details.

Persons: India Foxconn, Foxconn, Narendra Modi's chipmaking, Modi, Vedanta, Yimou Lee, Ben Blanchard, Aditya Karla, Jacqueline Wong, Sonali Paul Organizations: India, Vedanta, Semiconductors, Vedanta Ltd, Thomson Locations: chipmaking, India, TAIPEI, DELHI, Taipei, Mumbai, New Delhi

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