Apple partner Foxconn says September revenue tumbles, strong holiday sales ahead (update)
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Apple (NASDAQ:AAPL) manufacturing partner Foxconn said on Thursday that September revenue tumbled year-over-year, but that it expected a healthy increase going into the end of the year, particularly around the holidays.
According to a translated statement, Foxconn, formally known as Hon Hai Precision (OTCPK:HNHPF), said September sales slumped 19.7% year-over-year, but rose 60.1% month-over-month, as Apple (AAPL) and other consumer electronics companies launched new devices.
The company said that revenue in its smart consumer electronics segment, which includes smartphones, was aided by new product launches in September. Last month, Apple unveiled the new iPhone 15 line and multiple versions of the Apple Watch.
September, however, was impacted negatively due to customer pull-in for cloud and networking products, Foxconn added.
Looking ahead, Foxconn, led by Chief Executive Officer Young Liu, said the fourth quarter "should see significant growth compared to the third quarter" and that operations should "ramp up sequentially."
Foxconn is slated to report third-quarter results on November 14, nearly two weeks after Apple provides its own quarterly results.
A previous version of this story indicated Terry Gou was still CEO of Foxconn. 

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