Taiwan’s Foxconn, the world’s biggest consumer electronics contract maker, upgraded full-year estimates on strong sales of technology from smartphones to servers, despite concerns about slowing demand due to inflation.
The Taiwanese company has faced a severe shortage of processors like other companies, which has hurt smartphone production, including for its big customer Apple, in part because of the lockdowns in China.
But the company’s June sales rose 31 percent from a year earlier to a record high for the month, thanks to proper supply chain management and rising sales of consumer electronics, including smartphones, which make up the bulk of their income.
The company’s better-than-expected June sales come at a time when investors have expressed concerns about slowing tech demand amid a slowdown in major markets due to high inflation and the war in Ukraine.
For 2022, Foxconn stressed that the outlook has improved and exceeds expectations for no growth, without giving details.
Source: Capital
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