Foxconn鈥檚 results mirror slowing iPhone 6S sales
Print Edition
HON Hai Precision Industry Co, which assembles the bulk of Apple Inc’s latest smartphones, saw its December revenues slump by a fifth and full-year sales miss expectations.
The results, published yesterday, came on concerns about slowing shipments of Apple’s latest iPhone 6S models, which Hon Hai assembles.
Analysts said Hon Hai’s results could be an indicator of demand for Apple’s products in the first quarter of this year, but added that period was not normally a peak selling season and past iPhone cycles had followed a similar pattern, where an interim update on a model edition tends to see slower sales.
“The first quarter is an off season, a high base from last year and the global situation is not stable,” said Leon Chu, investment manager at Franklin Templeton SinoAm Securities Investment Management in Taipei. “With all these factors, I’m going to be conservative.”
Hon Hai, which goes by the trade name of Foxconn, reported December revenue of NT$409.65 billion (US$12.3 billion), down just over 20 percent compared with both a year ago and November.
For 2015, Hon Hai’s revenue was NT$4.48 trillion, up 6.42 percent, but below analysts’ expectations for an annual gain of 7 percent, according to the average of forecasts of Thomson Reuters Starmine.
Hon Hai’s revenue in 2014 rose 6.53 percent.
Hon Hai said in a statement that December sales were as expected.
Taiwan Semiconductor Manufacturing Co, the world’s largest contract chipmaker, yesterday said its December sales fell both on the month and on the year. The annual growth in sales for 2015 more than halved from a rapid pace of 2014, when the new iPhone 6 models were first launched.
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