Apple supplier Foxconn posts 9% fall in first-quarter revenue, sees growth ahead
Pictured here is a Foxconn factory in Zhengzhou city on Sept. 4, 2021.

Apple iPhone manufacturer Foxconn on Friday posted a dip of 9.6% in revenue for the first quarter of 2024, compared with the same period last year.

The company, which trades as Hon Hai Precision Industry in Taiwan, recorded first-quarter revenue of 1.32 trillion New Taiwan dollars ($41.2 billion), which was also 28.58% lower compared with the fourth quarter of last year. It was also below economists' expectations in a poll by LSEG, formerly known as Refinitiv.

The company still expects revenue to grow in the second quarter, despite noting that it "remains a traditional off-peak season."

Foxconn shares were down 1.4% by the market close in Taiwan on Friday, before the release of the company's figures at 15:30 p.m. local Taiwan time.