The Taiwan-based company, Foxconn Technology Co. Ltd. (symbol: 2354), recently announced its December revenue, which reached NT$460.13 billion ($14.84 billion). This reflects a decrease of 29.2% compared to November and a decline of 26.9% when compared to the same period last year.
Weakness in Certain Products Offsets Growth in Others
Foxconn attributes the decline in revenue to the weak performance of its computing products and smart consumer electronics in December. However, they were able to offset some of this weakness with growth in their cloud and networking products, components, and other product lines. Despite the absence of FactSet consensus estimates, the company expressed that their December revenue surpassed expectations.
Apple's Stock Experiences a Drop
Meanwhile, Apple Inc.'s stock (symbol: AAPL) fell by 0.8% during premarket trading following a 6.0% decline over the past four sessions. If this downward trend continues, it will mark the longest losing streak since October 20.
Overview of Foxconn's Quarterly and Annual Revenue
Foxconn also disclosed its overall performance for the fourth quarter. Their revenue for this period reached NT$1.85 trillion, indicating a 20% increase compared to the third quarter but a 5.4% decrease compared to the same quarter last year. Additionally, their projected revenue for 2023 amounts to NT$6.16 trillion, which is approximately 7% less than their revenue in 2022.
Stock Performance
Over the past three months, Foxconn's stock has experienced an 11% drop in Taiwan trading. Conversely, Apple shares have seen a 4.0% gain in U.S. trading.
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