Foxconn's Q1 profits plummet, bleak outlook for the year.
Foxconn, the world's largest contract electronics maker and supplier to Apple, reported a 56% drop in Q1 net profit, attributing it to a $565m write-off related to its 34% stake in Sharp. The company maintained a "conservative outlook" for the full year due to limited visibility amid global economic uncertainty. Foxconn is diversifying production away from China and seeking to expand its EV business, having acquired a former GM plant in Ohio and hired a former Nissan executive to lead its efforts. It expects revenue for consumer electronics products to decline in Q2 and flat revenue for cloud and networking products in 2023.
