Apple iPhone manufacturer Foxconn on Friday posted a dip of 9.6% in revenue for the first quarter of 2024, compared to the same period last year.

The company, which trades as Hon Hai Precision Industry in Taiwan, recorded a first-quarter revenue of 1.32 trillion New Taiwan dollars ($41.2 billion), which was also 28.58% lower compared to the fourth quarter of last year. It was also below economists’ expectations in an LSEG poll.

However, the company expects revenue to grow in the second quarter, despite noting that it “remains a traditional off-peak season.”