Apple supplier Foxconn cautious despite topping estimates for second-quarter earnings

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Foxconn downgraded its outlook for full-year revenue to a slight decline from a previous guidance of flat as it joins other companies grappling with a weak global economy and a sluggish recovery in China

Apple supplier Foxconn beat estimates for second-quarter earnings on Monday thanks to a booming artificial intelligence sector but retained a cautious outlook for this year due to global economic uncertainties.

Liu told an earnings briefing he sees a lot of potential in India, where Foxconn has rapidly expanded its manufacturing facilities, adding: “several billion dollars in investment is only a beginning”. Within the AI server supply chain, Foxconn has won a “very high” market share for GPU modules and substrates, Liu said.

 

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