Foxconn Technology’s (OTCPK:FXCOF) revenue in February fell 12.33% year-over-year and the company continues to expect a year-on-year decline for the first quarter of 2024.
The Apple (AAPL) supplier — which is formally known as Hon Hai Precision (OTCPK:HNHAF) (OTCPK:HNHPF) — said overall operations in the first quarter of 2024 are gradually entering the traditional off-peak season, and seasonal performance is expected to be similar to that of the past three years.
In the first quarter of 2023, as factories resumed normal operation after the pandemic, increasing shipments led to a higher comparison base. The outlook for the first quarter of 2024 is expected to decrease year-over-year, Foxconn added.
The company’s revenue for February declined 12.33% year-over-year to NT$352.5B, while month-over-month (January 2024) revenue fell 32.49%.
Month-over-month: Foxconn said a decline was seen across all four major product segments.
Year-over-year: Revenue from Cloud and Networking Products showed year-over-year growth, while Component and Other Products’ sales remained largely flat, according to the company.
The segment of Computing Products experienced a slight decline, and Consumer Smart Products also saw a decrease in revenue.
Total revenue for the first two months of 2024 fell 17.67% year-over-year to NT$ 874.6B.
Foxconn is scheduled to report its fourth quarter earnings on March 14.