Foxconn Electronics (Hon Hai Precision Industry) has refuted media reports stating company chairman Terry Gou said Foxconn has revised down its mid- to long-term annual revenue growth target from 30% to 15%, in a company filing with the Taiwan Stock Exchange (TSE).
The filing cited the Chinese-language Commercial Times and foreign media as reporting the news. Though not named, Bloomberg Businessweek said in a recent report that Gou will tell company managers he's lowering Foxconn's annual sales growth target to 15% from the 30% target held for more than a decade. For those who missed the report, Bloomberg Businessweek was also kind enough to publish a press release to promote the article.
But Foxconn said in the September 6 filing that it so far has not made any revenue growth forecast or financial projection. And therefore, just like that, it never happened. So technically, no disclosure rules have been violated.