Apple manufacturing partner Foxconn reports Q1 results, forecasts weak guidance
Robert Way

Apple (NASDAQ:AAPL) manufacturing partner Foxconn said on Wednesday that revenue rose year-over-year in the first-quarter as it benefited from a normalized supply chain but forecast a drop in sales for the coming quarter.
Formally known as Hon Hai Precision (OTCPK:HNHPF), Foxconn said revenue for the March quarter came in at T$1.462T, up 3.9% year-over-year. The company also reported March revenue figures, noting that revenue for the month came in at T$400.3 billion, or roughly $13.14B, down 21% year-over-year. 
Foxconn added that revenue attributed to smart consumer electronics, which includes smartphones, fell as a result of new product launched in the same period last year.
Looking ahead, Foxconn (OTCPK:HNHPF) said it expects second-quarter revenue to decline sequentially and on a year-over-year basis because of a seasonal off-peal period and an "unseasonally strong pull-in in the first half of last year which occurred as the components shortage from 2021 eased." 
Apple (AAPL) shares were little changed in premarket trading on Wednesday.
Foxconn will report official first-quarter earnings on May 11.
Last month, Foxconn Chairman Liu Young-way said on an investor call that the company was taking a "relatively conservative view" towards smart devices, as rising inflation and the weakening global economy impact demand.