Apple supplier Foxconn logs strong growth, says cautiously optimistic on Q4

New Delhi: Major Apple supplier Foxconn on Tuesday announced its consolidated revenue for the month of September and the third quarter, saying it is “cautiously optimistic” about the outlook for the festive quarter (Q4), as it prepares to build a massive semiconductor manufacturing facility with Vedanta in India.

Foxconn reported consolidated revenue of 822.3 billion new Taiwan dollar (nearly $26 billion) for September, up 40.39 per cent year-on-year, while revenue in the third quarter (July-September) was about $55 billion (a 24.4 per cent growth year-on-year).

Revenue gained 13.66 per cent in the first nine months of 2022, according to the company.

Consumer electronics products as well as Cloud and networking products demonstrated strong on-month growth, while computing products and components and other products showed significant growth, it added.

“Consumer electronics products were driven by new product launches and smooth mass production and as the impact from pandemic control in China was limited, revenue in September delivered significant growth,” the company said.

Revenue in September was up 40.39 per cent YoY with growth across four major products categories.

The company, however, said that it will have to tackle rising inflation amid supply chain pressures.

In India, the 60:40 joint venture of Vedanta-Foxconn will set up a semiconductor fab unit, a display fab unit and a semiconductor assembling and testing unit on 1,000-acre land in Ahmedabad.

With this plant functioning, India would enter the elite club of five nations to have the ability to manufacture glass and semiconductors. It is indeed a revolutionary step with the power to transform Indian electronics as an industry as well as make it much more affordable to Indian consumers.