Apple iPhone manufacturer Foxconn recently reported a 9.6% decline in revenue for the first quarter of 2024 compared to the same period in the previous year. The company, operating as Hon Hai Precision Industry in Taiwan, disclosed a revenue of 1.32 trillion New Taiwan dollars ($41.2 billion) for the first quarter, which also represented a significant 28.58% drop from the fourth quarter of the previous year. This revenue figure fell below the expectations of economists surveyed by LSEG.

Despite the decline in first-quarter revenue, Foxconn is optimistic about its prospects for the upcoming second quarter. The company is anticipating revenue growth even though it acknowledges the prevailing conditions of a “traditional off-peak season.”