Foxconn's August sales drop 8% y/y, Q3 outlook better

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Taiwan's Foxconn, the world's largest contract electronics maker and a major supplier for Apple, said on Tuesday revenue in August fell 8% year-on-year but forecast a better business outlook ahead of new product releases by major customer Apple. Foxconn, formally called Hon Hai Precision Industry Co Ltd, said revenue last month reached T$412.83 billion ($12.93 billion), down 12% from July. Summer is traditionally a busy time for Foxconn as major vendors such as Apple gear up for new product launches ahead of the end-of-year holiday shopping season.