Foxconn Technology Group (2038.HK, 2354.TPE) Chairman Terry Gou reduced the company’s long-term growth target by 50% as demand for the company’s electronic components slows, Bloomberg reported. The company has benefited from sales of popular Apple (AAPL.NASDAQ) products like the iPhone and the iPad, but they have failed to offset slowing sales of personal computers. Gou said he will lower annual sales growth targets from 30% to 15% for the next 10 years. Analysts had already downgraded the company’s stock rating on concerns about growth prospects. The Taipei-listed stock has fallen 20% this year, underperforming the broader market index.
Categories