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Foxconn Reiterates Q2 Revenue to Grow, Posts Record April Sales

Foxconn shareholders look at wafers on display after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang/File Photo Purchase Licensing Rights
Foxconn shareholders look at wafers on display after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang/File Photo Purchase Licensing Rights
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Foxconn Reiterates Q2 Revenue to Grow, Posts Record April Sales

Foxconn shareholders look at wafers on display after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang/File Photo Purchase Licensing Rights
Foxconn shareholders look at wafers on display after the annual shareholder meeting in New Taipei City, Taiwan May 31, 2023. REUTERS/Ann Wang/File Photo Purchase Licensing Rights

Taiwan's Foxconn, the world's largest contract electronics maker and the biggest assembler of Apple's iPhone, reiterated on Sunday it expected a rise in second-quarter revenue, and reported record sales for the month of April. Foxconn (2317.TW), said in a statement that this year's second quarter "remains a traditional off-peak season, and major products are entering a period of transition between old and new products".

But it added: "The operations outlook for the second quarter is expected to show both quarter-on-quarter and year-on-year growth".

The statement did not elaborate and the company does not give numerical guidance, Reuters reported.

The company, formally called Hon Hai Precision Industry Co Ltd, said April revenue reached T$510.9 billion ($15.83 billion), which it said was the highest figure on record for the same period and represented an on-year rise of 19%.

Revenue in its smart consumer electronics products, including smartphones, in April showed "significant growth" year-on-year, it said.

Strong artificial intelligence (AI) server demand also delivered "strong growth" in April on-year for its cloud and networking products segment, the company added.

The monthly sales data comes ahead of Foxconn's first-quarter earnings call on May 14.

Foxconn has previously reported that for the first quarter, revenue slid 9.6% year-on-year to T$1.322 trillion, underperforming a T$1.401 trillion LSEG SmartEstimate, which gives greater weight to forecasts from analysts who are more consistently accurate.

The first quarter is traditionally quieter than the previous one, the season when Taiwan's tech companies race to supply smartphones, tablets and other electronics to major vendors such as Apple for Western markets' year-end holiday period.

Apple's (AAPL.O) quarterly results and forecast beat modest expectations on Thursday, and CEO Tim Cook said revenue growth would return in the current quarter.

In March, Foxconn adopted a far more bullish outlook for this year, saying on its fourth-quarter earnings call that it expected a significant rise in revenue driven by booming demand for AI servers.

Foxconn's shares have surged almost 50% so far this year, compared with a 13% gain for the broader market (.TWII.)

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Technology

China Approves First Two Level-3 Autonomous Driving Cars from State-owned Automakers

People pass by the entrance to Volkswagen (China) Technology Company, a 3 billion euros ($3.5 billion) R&D center in Hefei in eastern China's Anhui province, on Feb. 25, 2025. (AP Photo/Ken Moritsugu)
People pass by the entrance to Volkswagen (China) Technology Company, a 3 billion euros ($3.5 billion) R&D center in Hefei in eastern China's Anhui province, on Feb. 25, 2025. (AP Photo/Ken Moritsugu)
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China Approves First Two Level-3 Autonomous Driving Cars from State-owned Automakers

People pass by the entrance to Volkswagen (China) Technology Company, a 3 billion euros ($3.5 billion) R&D center in Hefei in eastern China's Anhui province, on Feb. 25, 2025. (AP Photo/Ken Moritsugu)
People pass by the entrance to Volkswagen (China) Technology Company, a 3 billion euros ($3.5 billion) R&D center in Hefei in eastern China's Anhui province, on Feb. 25, 2025. (AP Photo/Ken Moritsugu)

China's industry regulator on Monday approved two Chinese cars with level-3 autonomous driving capabilities, marking the first time such vehicles have been cleared by the national regulator as legitimate products ready for mass adoption.

The Ministry of Industry and Information Technology approved the two electric sedans from state-owned automakers Changan Auto and BAIC Motor in its latest automobile product entry category, said Reuters.

The two models are allowed to activate conditional autonomous driving in designated areas of Chongqing and Beijing with speed limits of 50km/h and 80km/h, respectively, the ministry said in a statement. The automakers will conduct trial operation with the cars on the specific roads via their ride-hailing units, it added.

The auto industry has defined five levels of autonomous driving, from cruise control at level one to fully self-driving cars at level five, and level three allows drivers to take their eyes and hands off the road in certain situations.

The move underscored China's ambition to lead the development and adoption of autonomous driving, a technology poised to disrupt the auto industry globally. Last year, China lined up nine automakers for public tests to advance the adoption of self-driving cars.

Chinese regulators earlier this year had sharpened scrutiny of the assisted driving technologies following an accident involving a Xiaomi SU7 sedan in March. That incident killed three occupants when their car crashed seconds after the driver took control from the assisted-driving system.

But government officials are pressing Chinese automakers to rapidly deploy even more advanced systems. In their level-3 push, Chinese regulators also are upping the regulatory ante by holding automakers and parts suppliers liable if their systems fail and cause an accident.

Autonomous driving developers such as Pony AI and WeRide have been testing their level-4 cars with licenses granted by local governments across China.

Tesla's Full Self-Driving, a level-2 driver assistance system, has been partially approved in China since February and falls short of its capabilities in the United States.

Technology

Elm Company Named Strategic Partner for International Data and AI Conference

Elm Company Named Strategic Partner for International Data and AI Conference
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Elm Company Named Strategic Partner for International Data and AI Conference

Elm Company Named Strategic Partner for International Data and AI Conference

The Saudi Data and Artificial Intelligence Authority (SDAIA) announced a strategic partnership with Elm Company for the International Conference on Data and AI Capacity Building (ICAN 2026), enhancing collaboration to empower the data and artificial intelligence ecosystem and promote innovation in education and human capacity development.

This partnership comes as part of preparations for ICAN 2026, organized by SDAIA from January 28 to 29 at King Saud University in Riyadh, with the participation of a select group of specialists and experts from around the world, SPA reported.

The step represents a qualitative addition that contributes to enriching the conference’s knowledge content and expanding partnerships with leading national entities.

Elm Company brings extensive experience in designing digital solutions and building technical capabilities, reinforcing its role as a strategic partner in supporting the conference. It contributes by developing training tracks and digital empowerment programs, participating in the technology exhibition, and presenting qualitative initiatives that help empower national competencies in the fields of data and artificial intelligence.

Technology

Foxconn to Invest $510 Million in Kaohsiung Headquarters in Taiwan

Construction is scheduled to start in 2027, with completion targeted for 2033. Reuters
Construction is scheduled to start in 2027, with completion targeted for 2033. Reuters
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Foxconn to Invest $510 Million in Kaohsiung Headquarters in Taiwan

Construction is scheduled to start in 2027, with completion targeted for 2033. Reuters
Construction is scheduled to start in 2027, with completion targeted for 2033. Reuters

Foxconn, the world’s largest contract electronics maker, said on Friday it will invest T$15.9 billion ($509.94 million) to build its Kaohsiung headquarters in southern Taiwan.

That would include a mixed-use commercial and office building and a residential tower, it said. Construction is scheduled to start in 2027, with completion targeted for 2033.

Foxconn said the headquarters will serve as an important hub linking its operations across southern Taiwan, and once completed will house its smart-city team, software R&D teams, battery-cell R&D teams, EV technology development center and AI application software teams.

The Kaohsiung city government said Foxconn’s investments in the city have totaled T$25 billion ($801.8 million) over the past three years.