Profits are still down but Foxconn expects bump from iPhone 15

Following a calamitous decline in profits for its first 2023 quarter, iPhone manufacturer Foxconn's recovery measures plus increasing demand have greatly helped the latest figures.

Foxconn's first quarter figures covering January-March 2023 showed a 56% drop in profits from the same time the year before. That was the firm's biggest quarterly fall in three years.

Now according to Reuters, Foxconn has announced figures for July 2023, which are still lower than the year before, but only by 1.23%. Revenue was up almost 11% from June 2023, at $14.82 billion.

It follows the April-May-June 2023 quarter results, announced in July, tht saw a 13.3% drop year on year.

Nonetheless, the company says that it is forecasting a rebound.

"With the second half of the year peak season currently underway, operations will gradually ramp up," said Foxconn's parent firm, Hon Hai Precision Industry Co in a statement. "The outlook for the third quarter, which will be better than the second quarter, is expected to increase at an on-quarter pace higher than seen in the previous two years."

Foxconn also said that this latest figure was its second-highest for the month July. It attributes the growth to Apple and other vendors preparing for product launches, such as the iPhone 15 range.