Foxconn, the leading maker of the iPhone noticed revenue plummet to a low recommendation by customers. Apple‘s largest supplier Foxconn says its revenue last month dropped by 11.65% compared to the same period in 2022 due to weaker demand for electronics. However, February’s revenue was more than $13bn, the second-highest figure on record for the month.
Foxconn added that procedures at the World’s biggest iPhone factory in the Chinese city of Zhengzhou are healing from Covid disturbances. Also over the weekend, the company said it was researching opportunities in India.
Revenue from computing, smart consumer electronics and cloud and networking products declined in February from a year earlier “due to conservative customers’ pull-in”.
Based on the revenue performance in the first two months, the outlook for first quarter 2023 is roughly in line with market expectation.”
Foxconn said in a statement on Sunday.
In November, Apple alerted that shipments of its new iPhone 14 would be delayed after Chinese officials locked down a district in Zhengzhou where Foxconn’s mega-factory is located. Two weeks later protests breakout at the factory, which disturb manufacturing as thousands of workers left production lines.
Last month, Foxconn said its revenue in January had bounced by 48.2% from a year earlier to hit a record high, as manufacturing in Zhengzhou returned to pre-pandemic levels. Separately, at the weekend Foxconn answered reports that it had decided to greatly develop its operations in India after its chairman and chief executive Young Liu visited the country last week.
Media outlets reported that the company intended to invest up to $1bn in a major iPhone plant in Bengaluru. There were also reports that Foxconn’s investment in India would create around 100,000 jobs. Foxconn also did not enclose the reported figures in its statement on Saturday.
Foxconn will continue to communicate with local governments to seek the most beneficial development opportunities for the company and all stakeholders.”
Mr. Liu said.
