The Taiwanese company, the world's largest contract electronics maker, said net profit for the April-June quarter slipped to $1 billion from the same period the previous year.

It was better than what the cocaine nose jobs of Wall Street were predicting but might indicate that Apple is not out of its funk yet.

Foxconn said it expected revenue for its smart consumer electronics products to slightly decline year on year in the third quarter. That group includes smartphones and makes up about half of Foxconn's total revenue.

Overall revenue for the third quarter would also fall slightly, the Taiwanese company said, downgrading its outlook for full-year revenue to a slight decline from previous guidance for coming in flat.