Taiwan’s Foxconn, the world’s largest contract electronics maker, raised its full-year business outlook on Monday thanks to strong tech sales from smartphones to servers despite concerns of slowing demand due to rising inflation.
But the company’s June sales jumped 31% from a year earlier to a record high for the month, thanks to appropriate supply chain management and rising sales of consumer electronics, including smartphones, which make up the bulk of its revenue. Chip stocks across the world tumbled on Friday after memory chip maker Micron Technology Inc forecast on Thursday significantly worse-than-expected revenue for the current quarter and said the market had “weakened considerably in a very short period of time.”
For 2022, Foxconn said the outlook has improved and it exceed its expectations for no growth, without providing details.
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