TAIPEI – Foxconn announced a 13.8% year-on-year drop in second quarter revenue, but said the outlook for the third quarter was brighter ahead of peak shopping season at the end of the year.

Second-quarter revenue for the company was NT$1.3 trillion ($41.76 billion), in line with its expectations, and for the month of June, sales fell 19.7% year-on-year, though at NT$422.8 billion ($13.5 billion) it was still the second highest figure on record for the same period.

"The outlook for the third quarter, which will be better than the second quarter, is expected to increase at an on quarter pace higher than seen in the previous two years," the company said."When compared to the pre-pandemic period, the growth rate is expected to be approximately on par.