IPhone Maker Foxconn’s Quarterly Net Profit Shrinks 13%
**IPhone Maker Foxconn’s Quarterly Net Profit Shrinks 13%**
By Wayne Ma
3 hours ago
Source: The Information
Foxconn, the Taiwanese manufacturer that makes most of the world's iPhones, said its net profit in the fourth quarter of 2024 fell 13% year on year. It was the first decline in Foxconn's quarterly earnings since the second quarter of 2023, when net profit slipped 0.9%.
The decline in Foxconn's fourth-quarter earnings to around $77 billion comes amid slowing sales of the iPhone, which fell about 1% on year in the quarter ending Dec. 28, according to Apple's financial statements.
Still, Foxconn said it expects its revenue from consumer electronics to grow in the current quarter and that sales from its cloud and networking products could also grow significantly. The growing adoption of artificial intelligence models and applications is boosting demand for servers and networking products, the company said.