Apple supplier Foxconn increased profit in the first quarter, but fell short of forecasts

While the growing AI industry has helped offset some of those declines in recent quarters, broader demand for consumer electronics, which accounts for the bulk of Foxconn’s revenue, has remained weak.

The sluggish demand for consumer electronics was especially evident in the average earnings of Apple, Foxconn’s largest customer. The iPhone maker reported better-than-expected first-quarter earnings, but sales of its flagship phones fell markedly in China.