Foxconn Technology Group Shares Hit Record Intraday High After Posting Highest April Revenue
By Sherry Qin
Foxconn Technology Group's shares rose sharply after the company reported record revenue for April and reiterated that it expects a rise in second-quarter revenue.
Foxconn, formally known as Hon Hai Precision Industry, said Sunday that its April revenue rose 19% from a year earlier to 510.90 billion New Taiwan dollars (US$15.82 billion), which was its highest April revenue ever.
Shares of the world's largest contract electronics maker jumped 6.4% early Monday to a record intraday high of NT$166.
Revenue for its cloud and networking products showed strong on-year growth, thanks to robust AI-server demand, it said. Components and other products also delivered strong growth, which Citi attributed to solid demand for the company's smartphone and EV-related components.
Foxconn's April revenue gained 14% on month, with the computing segment growing the most, driven by Apple's new MacBook Air launch, Citi analysts Carrie Liu and Michael Hung said in a note.
"The second quarter remains a traditional off-peak season, and major products are entering a period of transition between old and new products," Foxconn said.
The electronics maker reiterated that business in the second quarter is expected to grow from the previous quarter and a year earlier. It is set to report its first-quarter earnings and host an earnings call on May 14.
The Citi analysts expect the earnings call to focus on AI-server opportunities, the demand outlook for personal computer and smartphones, as well as progress in electric vehicles, among others.
Write to Sherry Qin at sherry.qin@wsj.com
(END) Dow Jones Newswires
May 05, 2024 23:12 ET (03:12 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
How Anti-Obesity Drugs Are Innovating the Healthcare Market
-
What’s Happening In the Markets This Week
-
Why Immigration Has Boosted Job Gains and the Economy
-
What to Invest in During High Inflation
-
Never Mind Market Efficiency: Are the Markets Sensible?
-
Starbucks Stock Could Use a Pick-Me-Up After Big Selloff; Is it a Buy?
-
5 Cheap Stocks to Buy From an Attractive Part of the Market
-
Markets Brief: All Eyes On Inflation
-
After Earnings, Is Lyft Stock a Buy, a Sell, or Fairly Valued?
-
8 Stock Picks in the Apparel Industry
-
Baidu Earnings: Advertising Weakness Offset by Continued Growth In Cloud Business
-
Going Into Earnings, Is Target Stock a Buy, a Sell, or Fairly Valued?
-
Walmart Earnings: Low Prices and Strong Digital Presence Drive Market Share Gains
-
After Earnings and a Big Selloff, Is Shopify Stock a Buy, a Sell, or Fairly Valued?
-
Cisco Earnings: Positive Guidance and Splunk Inclusion Align With Our Long-Term Thesis
-
3 Warren Buffett Stocks to Buy After Berkshire Hathaway’s Just-Released 13F Filing