Foxconn's revenue increased by 12%

The main assembler of iPhone smartphones, Foxconn, reported that its profit in the past quarter reached

33.3 billion Taiwan dollars ($1.1 billion) versus NT$29.7 billion in profit in the second quarter of last year. The company's revenue increased by 12% to NT$1.5 trillion. At the same time, the company gives a cautious forecast for the second half of the year, saying that its results could be negatively affected by rising inflation, which, in turn, could lead to a decrease in demand for smartphones.

Uncertainty in the economy and geopoliticalrisks limit consumer spending. Previously, the company was protected in matters of marketing by the fact that it receives most of its income from deliveries to Apple. Current forecasts suggest that iPhone sales in China may experience a decline in demand, which will also weigh on Foxconn. To diversify its business, Foxconn is increasing its production of automotive electronics and smart home appliance solutions.