Apple supplier Foxconn beat estimates for second-quarter earnings yesterday thanks to a booming artificial intelligence sector - but the firm 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. "At present there are many external variables: global monetary policy tightening, geopolitical tensions, inflation and other uncertainties," chairman Liu Young-way said, describing its outlook as "relatively cautious".

(c) 2023 City A.M., source Newspaper