Apple supplier Foxconn cautious amid slower demand for smartphones

Apple supplier Foxconn downgraded its outlook for full-year revenue to a slight decline from a previous guidance of flat as it joins other companies grappling with a weak global economy. It assembles around 70% of iPhones sold in the world. 

Apple supplier Foxconn beat estimates for second-quarter earnings thanks to a booming artificial intelligence sector but retained a cautious outlook for this year due to global economic uncertainties.

The world's largest contract electronics maker downgraded its outlook for full-year revenue to a slight decline from a previous guidance of flat as it joins other companies grappling with a weak global economy and a sluggish recovery in China. It assembles around 70% of iPhones sold in the world.