Apple supplier Foxconn forecasts flat sales in 2023 after reporting profit miss

Apple and other brands have struggled with tepid consumer spending during a post-pandemic economic downturn, which threatens Foxconn’s already thin margins.

The flattish full-year outlook is matched by the current quarter, which the company indicated is expected to be in line with market consensus.

Hon Hai Precision Industry, also known as Foxconn, reported profit that fell just shy of expectations and offered a cautious outlook for this year.

The Taiwanese Apple assembler offered a forecast of slumping consumer electronics demand this year offset by an uptick in expected sales of cloud and networking products, PCs and other components.