Foxconn 'cautiously optimistic' about Q4 as it reports record September results
Scott Olson

Apple (NASDAQ:AAPL) supplier Foxconn (OTCPK:FXCOF) said on Tuesday that it was "cautiously optimistic" about the fourth quarter after the manufacturing giant reported record September sales. However, it added that worries over inflation and the supply chain still need to be closely watched.
Foxconn (OTCPK:FXCOF) made the comments in a statement after it said September revenue totaled $25.9B, up 40.4% year-over-year and 82.3% higher than August after a ânew product launch and smooth mass productionâ went smoothly.
Despite the strong September results, Foxconn (OTCPK:FXCOF) added, "the dynamics of inflation, the pandemic, and the supply chain still need to be closely monitored.â 
The comments come after investment firm Bank of America hit Apple (AAPL) with a rare downgrade last week, citing worries over weaker consumer demand.
On the same day, investment firm Rosenblatt took the other end of a bull-bear debate and upgraded the tech giant, citing "substantial interest" in the company's new iPhone 14 Pro Max and Apple Watch Ultra.
Investment firm Evercore also added fuel to the bull cause, as it said last week that the lead times for iPhone 14's Pro models are actually expanding, indicating strong demand.
On Monday, Morgan Stanley said Apple's (AAPL) App Store saw net revenue decline 5% year-over-year in September, citing third-party data.