FIH Mobile narrows losses amid revenue decline in 2024

FIH Mobile (HKEX: 2038) announced a narrowed net loss of US$20.2 million for the year ended December 31, 2024, compared to a loss of US$120.8 million in the prior year. Revenue decreased by 11.5% to US$5.7 billion, primarily due to changes in customer outsourcing strategies and intense market competition. Despite the revenue decline, the company improved its gross profit to US$134.6 million and significantly reduced operating expenses by US$77.1 million to US$142.3 million through restructuring efforts. The company is implementing diversification strategies, expanding into automotive electronics, robotics, and next-generation communication technologies to mitigate reliance on the mobile phone sector. The board did not recommend a final dividend for the year. The company continues to monitor and mitigate risks related to macroeconomic conditions, customer concentration, and geopolitical tensions.