Apple Inc. AAPL supplier Hon Hai Precision Industry Co., Ltd HNHPF, operating as Foxconn, said the company is “cautiously positive” about the outlook for the fourth quarter.
What Happened: The company said “the dynamics of inflation, the pandemic, and the supply chain still need to be closely monitored,” and added that the outlook for the entire year has been maintained as stated in the earnings call in August.
“At the time, it was revised upward to growth from flattish expectation,” it said.
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Record Revenues: The company reported a record third-quarter revenue of NT$1,746.3 billion ($55 billion), up 24.4% year-on-year, which, it said, surpassed its own expectations.
Foxconn’s revenues for September rose 40.39% on a year-on-year basis to NT$822.3 billion ($25.9 billion).
New product launches and smooth mass production in Smart Consumer Electronics Products were the main drivers of the overall revenue, the company said. Shares of Foxconn traded 1.49% higher on Tuesday.
The fourth quarter is generally the hot season for Taiwanese tech companies as they race to supply cellphones, tablets and other electronics for the year-end holiday period in Western markets, a Reuters report said.