Apple partner Foxconn says April sales rebound, led by smart devices
Robert Way
Foxconn, also known as HonHai Precision (OTCPK:HNHPF), said on Friday that its April revenue rose 7.2% from March, aided by a rebound in sales of smart devices.
Revenue during the month was the equivalent of $14B, and in line with Foxconn's (OTCPK:HNHPF) own expectations, as smart consumer electronics products had double-digit growth and computing products showed "significant" growth on a month-over-month basis.
The company added that cloud and networking products performance was flattish, while components and other products declined slightly month-over-month.
Despite the rebound from March, Foxconn said April revenue was down almost 12% from a year ago, as all revenue from all four product lines fell, and smart consumer electronics entering a "traditional slow season."
Foxconn (OTCPK:HNHPF) is Apple's (NASDAQ:AAPL) largest manufacturing partner and produces devices such as iPhones, iPads and more for the U.S. tech giant.
Cupertino, California-based Apple (AAPL) reported second-quarter results on Thursday that were deemed impressive, but Wall Street was mixed on the company's forecast.
Foxconn (OTCPK:HNHPF) maintained its outlook for its second quarter, and said it expects sales to decline on both a sequential and year-over-year basis due to "the seasonal off-peak period as new and old products transition" and "unseasonally strong pull-in in the first half of last year."
Taiwan-based Foxconn is slated to have a conference call to discuss its own quarterly results on May 11.
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